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Singapore Consumer Prices Steady In December

Singapore's consumer prices remained stable in December, data from the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Monday.

The consumer price index remained unchanged year-on-year in December, after a 0.1 percent decline in November. Economists had expected a 0.1 percent fall.

This latest consumer prices outcome was largely due to a rise in prices for private transportation cost.

MAS core CPI, which excludes the costs of accommodation and private road transport, fell 0.3 percent annually in December, following a 0.1 percent decrease in the preceding month. Economists had expected a 0.1 percent fall.

In 2020, both MAS core CPI and consumer prices declined 0.2 percent from a year ago.

The statistical office expects external inflation to rise in the coming quarters, amid a recovery in global oil prices.

Both MAS Core Inflation and CPI-All Items inflation are forecast to average -0.2 percent this year, the statistical office and MAS said.

Next year, MAS Core Inflation is expected to average 0-1 percent, while the CPI-All Items inflation is projected to be between -0.5 and 0.5 percent.

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