Singapore's consumer prices decreased unexpectedly in October, though marginally, the report published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed Wednesday.
The consumer price index edged down 0.1 percent year-over-year in October, following a 0.2 percent drop in September. Meanwhile, economists had expected prices to remain flat during the month.
Food inflation eased to 1.9 percent in October from 2.2 percent a month ago. Similarly, services inflation moderated to 1.4 percent from 1.5 percent.
Private road transport cost showed no variations in October, after a 0.4 percent fall in the prior month. This largely reflected a smaller drop in petrol prices and a moderation in the decline of car prices.
MAS core inflation that excludes the costs of accommodation and private road transport, accelerated to 1.1 percent in October from 0.9 percent in September.
Month-on-month, consumer prices declined 0.3 percent in October, after remaining flat in the preceding month.
For the whole of 2016, MAS core inflation is expected to average around 1.0 percent before rising to 1-2 percent next year as energy related components begin to contribute positively to inflation and temporary disinflationary effects from budgetary measures fade.
CPI-All Items inflation is projected to pick up to 0.5-1.5 percent next year, from around -0.5 percent in 2016, largely reflecting the rise in private road transport cost.
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