2023-01-25 08:55:18

Singapore Inflation At 7-Month Low On Weaker Transport Costs

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RTTNews
By Rtt News Staff Writer

Singapore consumer price inflation eased at the end of the year to the lowest level in seven months, largely due to a moderation in private transport costs, while core price growth remained steady, data published by the Monetary Authority of Singapore, or MAS, and the Ministry of Trade and Industry showed on Wednesday.

The consumer price index, or CPI, climbed 6.5 percent year-over-year in December, slower than November's 6.7 percent stable rate of increase.

Further, the latest inflation rate was the weakest since May 2022, when prices had risen 5.6 percent.

At the same time, MAS core inflation held steady for the second straight month at 5.1 percent, as softer rises in retail and other goods as well as electricity and gas were offset by higher prices for food and services.

Month-on-month, core consumer prices rose 0.6 percent, and overall consumer prices moved up 0.2 percent.

Read more: Singapore Exports Slump 20.6% On Weaker Demand

Among the main categories, prices of electricity and gas grew the most, by 16.5 percent from last year, but slightly below the 16.7 percent gain in November.

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