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Singapore Inflation January 2020

Singapore: Inflation stable in January

Consumer prices fell 0.24% month-on-month in January, contrasting the 0.30% increase in December, on the back of cheaper prices for housing and utilities; recreation and culture; and education, which more than offset a rise in the price level of food and transport.

Inflation, meanwhile, was stable at the prior month’s 0.8% in January, with the annual average inflation rate stable at December’s 0.6%. Lastly, the Monetary Authority of Singapore’s core inflation, which excludes accommodation and private road transport costs, fell to 0.3% in January from 0.6% in December.

It should be noted that with the release of January data, the base year for the consumer price index was rebased from 2014 to 2019, as the Department of Statistics updates the base year every five years to reflective changes to the weights of the various items as well as the basket of goods. As such, transport, education, health care and communication are weighed more heavily now while food, housing and utilities, and clothing and footwear saw a reduction in their weight.

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