23-2-2024 (SINGAPORE) Singapore’s core inflation, measured by the consumer price index (CPI), saw a decline to 3.1 percent year-on-year in January, down from 3.3 percent in December, according to official data released on Friday.
The Ministry of Trade and Industry and the Monetary Authority of Singapore attributed this decrease to lower services and food inflation, despite the goods and services tax (GST) rate rising from 8 percent to 9 percent.
On a month-on-month basis, the core CPI experienced a 0.6 percent increase in January, partially driven by the adjustment in the GST rate, as stated by the government agencies.
The core CPI is calculated by excluding private transport and accommodation costs to provide a clearer representation of household expenses.
In addition, Singapore’s all-items inflation also eased, reaching 2.9 percent year-on-year in January, down from 3.7 percent in December.
