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Thursday, 23 January 2014

Singapore inflation eases to 2.4% in 2013

Accommodation costs rose by 2.9 per cent in December compared to the 3.3 per cent increase in the previous month, as housing rentals edged up at a slower pace on a year ago basis - PHOTO: SPH
Headline inflation averaged 2.4 per cent for the whole of 2013, "sharply lower" than the 4.6 per cent in 2012, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) said in a joint statement on Thursday.

Inflation eased to 1.5 per cent in December from 2.6 per cent in November, largely due to a decline in private road transport costs, which was in turn thanks to lower COE premiums.

Private-sector economists polled by Bloomberg had been expecting a 2 per cent rise in the consumer price index (CPI) in December from a year ago.

Private road transport costs decreased by 2.8 per cent in December; MAS and MTI said the recent weakness in car COE premiums partly reflected a high base as premiums surged in the same period one year earlier.

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