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Monday, 24 February 2014

Singapore’s inflation at 4-year-low in January

SINGAPORE: Singapore's consumer price index (CPI) rose 1.4 per cent in January from a year ago, slowing from December's 1.5 per cent increase as the lower cost of transportation offset a rise in food prices.

The 1.4 per cent gain in January's CPI was the lowest since February 2010 when prices rose 1.0 per cent.

Food prices increased 3.0 per cent last month from a year ago, partly due to this year's Chinese New Year celebration taking place in January instead of February.
But transport costs fell 2.7 per cent year-on-year.
The majority of economists had expected inflation to pick up slightly in January, with the median estimate at 1.6 per cent.
Looking ahead, the Monetary Authority of Singapore and Ministry of Trade and Industry said they expect inflation to pick up in coming months as rising wages lead to higher prices of domestic consumer services.
They said core inflation -- which in Singapore excludes the cost of housing and private road transport -- is expected to rise over the next few quarters and average 2-3 per cent in 2014.
As for the CPI, it will most likely increase by 2-3 per cent for the whole of 2014.
Singapore's CPI rose 2.4 per cent last year. 

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