SINGAPORE, Jan. 25 (Xinhua) -- The Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) said on Monday that the MAS Core Inflation came in at -0.3 percent on a year-on-year basis in December 2020, compared to -0.1 percent last November.
The fall was mainly attributed to a larger decline in services costs as well as lower food inflation.
Meanwhile, Singapore's CPI-All Items inflation came in at 0 percent on a year-on-year basis last December, compared to -0.1 percent in November. The increase was primarily due to a rise in private transport costs.
Singapore's MAS core inflation excludes the costs of accommodation and private road transport, and CPI-All Items inflation represents the rise in consumer price index for all items.
In December 2020, Singapore's services costs fell 0.8 percent, compared to a 0.2 percent decrease in November. The food inflation came in at 1.6 percent, compared to 1.8 percent in the previous month. The private transport costs rose 1.2 percent, compared to a 1.3 percent decrease in November.
MTI and MAS said that both MAS Core Inflation and CPI-All Items inflation averaged -0.2 percent in 2020. In 2021, MAS core inflation is expected to average 0-1 percent, while CPI-All Items inflation is projected to be between -0.5 percent and 0.5 percent. Enditem
