SINGAPORE, Nov. 23 (Xinhua) -- The Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) said on Wednesday that the MAS core inflation on a year-on-year basis edged down to 5.1 percent in October from 5.3 percent in the previous month.
Meanwhile, the CPI-All Items inflation fell to 6.7 percent year-on-year in October, from 7.5 percent in September.
Singapore's MAS core inflation excludes the costs of accommodation and private transport, and CPI-All Items inflation represents the rise in the consumer price index (CPI) for all items.
According to MTI and MAS, the moderation in core inflation was driven by smaller increases in electricity and gas prices, retail and other goods prices and services prices. The CPI-All Items inflation came in lower as private transport inflation eased, alongside the moderation in core inflation.
On a month-on-month basis, Singapore's MAS core CPI increased by 0.1 percent while CPI-All Items decreased by 0.4 percent.
MTI and MAS reiterated that the core inflation is projected to stay elevated in the next few quarters before slowing more discernibly in the second half of 2023 as the current tightness in the domestic labor market eases and global inflation moderates.
For the full year of 2022, Singapore's CPI-All Items inflation is expected to average around 6 percent, and MAS core inflation is expected to be around four percent.
In 2023, taking into account all factors including the Goods and Services Tax (GST) increase, CPI-All Items inflation and MAS core inflation are projected to average 5.5-6.5 percent and 3.5-4.5 percent respectively. Excluding the transitory effects of the GST hike, CPI-All Items inflation and MAS core inflation are expected to come in at 4.5-5.5 percent and 2.5-3.5 percent respectively.
There are upside risks to the inflation outlook, including fresh shocks to global commodity prices and more persistent-than-expected external inflation, the two authorities added.