SINGAPORE, March 23 (Xinhua) -- Singapore's Consumer Price Index (CPI) rose in February for the third consecutive month, reflecting a larger increase in private road transport cost, said Ministry of Trade and Industry and Monetary Authority of Singapore (MAS) in a joint release on Thursday.
CPI-All Items inflation edged up to 0.7 percent year-on-year in February, following a 0.6 percent rise in the preceding month, as a stronger pickup in private road transport cost more than offset lower services and food inflation, according to the joint release.
The ministry and MAS said private road transport cost increased by 7.1 percent, higher than the 4.1 percent rise in the previous month due to the relatively low base in February last year.
Services inflation slowed to 1.5 percent in February from 1.9 percent a month earlier, largely because of a fall in air fares and a more modest increase in holiday expenses.
Food inflation moderated to 1.3 percent from 1.9 percent in January. This was due to the smaller rise in non-cooked food prices after Chinese New Year as well as the high base last year.
Accommodation cost fell by 4.0 percent in February, extending the 3.9 percent decline in the previous month, amid continued softness in the housing rental market.
MAS Core Inflation, excluding the cost of accommodation and private road transport, moderated to 1.2 percent in February from the 1.5 percent in January, because of lower services and food inflation.
The authorities maintained their 2017 forecast for MAS Core Inflation to average 1-2 percent, while CPI-All Items inflation is projected to pick up to 0.5-1.5 percent.