SINGAPORE: Singapore's core inflation gauge in January hit its lowest level in four years, data on Monday showed, due to lower services and retail prices that authorities said would persist as the coronavirus outbreak dimmed the country's economic outlook.
The headline consumer price index in January rose 0.8 per cent from a year earlier, slightly below poll expectations of 0.9 per cent.The authorities kept their official 2020 forecast range for both core and headline inflation at 0.5 per cent - 1.5 per cent.Part of the fall in core inflation was also due to the impact of the rebasing of the Consumer Price Index to 2019 as the base year, the authorities added.
Accommodation costs increased to 0.3 per cent year-on-year in January, from the -0.1 per cent in December, in line with a pickup in housing rentals, which saw a turnaround in January after more than five years of decline.Food inflation was unchanged however at 1.7 per cent as a larger increase in the prices of non‐cooked food was offset by a smaller increase in the prices of prepared meals.
This reflected the effect of enhanced pre‐school subsidies. There was also a smaller increase in telecommunication services fees, as well as a larger fall in the cost of healthcare services.External sources of inflation are like to"remain benign" in the quarters ahead, said MAS and MTI, citing weak demand conditions and generally well-supplied food and oil commodity markets.
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