Singapore’s core inflation continued on a downward trend, falling to 3 percent year-on-year in September, official data showed on Monday (Oct 23).
The decline from 3.4 percent in August was due to lower inflation for food, retail, and other goods, the Ministry of Trade and Industry (MTI) and the Monetary Authority of Singapore (MAS) said.
The last time core inflation was lower than 3.0 percent was in March 2022, when it was 2.9 percent.
Core inflation had risen to 5.5 percent in January and February this year, a 14-year high, before trending downwards in the following months.
Core inflation excludes accommodation and private transport costs.
Overall inflation inched higher to 4.1 percent on a year-on-year basis in September, up from 4.0 percent in the preceding month.
“This reflected a pickup in private transport inflation which more than offset the decline in core and accommodation inflation,” said MTI and MAS.
Food inflation declined to 4.3 percent in September as the prices of non-cooked food and prepared meals rose more slowly.
Retail and other goods inflation fell to 0.9 percent on the back of a fall in the prices of clothing and footwear, and personal effects, while the prices of personal care and medical goods rose more slowly.
Accommodation inflation in September eased from 4.4 percent to 4.3 percent year-on-year as the pace of increase in housing rents moderated.
Electricity and gas costs in September fell at the same rate as August at -1.4 percent, as a smaller decline in electricity prices was broadly offset by a steeper fall in gas prices.
Services inflation in September was unchanged at 3.1 percent, as a larger increase in the cost of telecommunication services was offset by a smaller increase in holiday expenses.
