S’pore CPI rises for 3rd consecutive month

• Mar 24, 2017

SINGAPORE (Xinhua) – Singapore’s Consumer Price Index (CPI) rose in February for the third consecutive month, reflecting a larger increase in private road transport cost, said Ministry of Trade and Industry and Monetary Authority of Singapore (MAS) in a joint release on Thursday.

CPI-All Items inflation edged up to 0.7 per cent year-on-year in February, following a 0.6 per cent rise in the preceding month, as a stronger pickup in private road transport cost more than offset lower services and food inflation, according to the joint release.

The ministry and MAS said private road transport cost increased by 7.1 per cent, higher than the 4.1 per cent rise in the previous month due to the relatively low base in February last year.

Services inflation slowed to 1.5 per cent in February from 1.9 per cent a month earlier, largely because of a fall in air fares and a more modest increase in holiday expenses.

Food inflation moderated to 1.3 per cent from 1.9 per cent in January. This was due to the smaller rise in non-cooked food prices after Chinese New Year as well as the high base last year.

A delivery worker pushes a trolley laden with goods in Singapore’s Little India district. – AFP

 

Accommodation cost fell by 4.0 per cent in February, extending the 3.9 per cent decline in the previous month, amid continued softness in the housing rental market.

MAS Core Inflation, excluding the cost of accommodation and private road transport, moderated to 1.2 per cent in February from the 1.5 per cent in January, because of lower services and food inflation.

The authorities maintained their 2017 forecast for MAS Core Inflation to average 1-2 per cent, while CPI-All Items inflation is projected to pick up to 0.5-1.5 per cent.

Source: http://borneobulletin.com.bn/spore-cpi-rises-3rd-consecutive-month/