Singapore’s consumer prices continued to fall in November, figures from the Ministry of Trade and Industry showed Wednesday.
Consumer prices slid 0.8 percent year-on-year in November, the same rate of decrease as seen in October. Economists had forecast a 0.7 percent fall for November.
Core inflation, which excludes the costs of accommodation and private road transport, eased to 0.2 percent from 0.3 percent in the previous month.
On a monthly basis, the consumer price index rose 0.2 percent in November following the 0.4 percent decline in October.
Food inflation moderated to 1.6 percent annually from 1.8 percent in October on account of a slower rise in the prices of non-cooked food and restaurant meals. Likewise, services inflation edged down to 0.7 percent from 0.8 percent.
Private road transport cost fell by a more moderate 1.7 percent versus a 2.3 percent decline in October, largely due to higher petrol pump prices compared to a year ago.
MAS core inflation is expected to pick up gradually over the course of 2016 as the annual dis-inflationary effects of lower oil prices, as well as budgetary and other one-off measures, ease.
For the full year, MAS core inflation is expected to come in at 0.5-1.5 percent in 2016, compared to around 0.5 percent in 2015, the ministry said.
Overall inflation could continue to be dampened by lower car prices and imputed rentals on owner-occupied accommodation. It is projected to average between ?0.5 and 0.5 percent in 2016, compared to around ?0.5 percent this year.
The material has been provided by InstaForex Company – www.instaforex.com