SINGAPORE, March 23 (Xinhua) -- The Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) said on Tuesday that the MAS core inflation rose to 0.2 percent on a year-on-year basis in February, from minus 0.2 percent in January.
This was due to an increase in services costs as well as higher food inflation.
Meanwhile, Singapore's CPI-All Items inflation came in at 0.7 percent on a year-on-year basis this February, compared to 0.2 percent in January. The increase was driven by higher private transport inflation, in addition to the rise in core inflation.
Singapore's MAS core inflation excludes the costs of accommodation and private road transport, and CPI-All Items inflation represents the rise in the consumer price index for all items.
In February, Singapore's services costs grew 0.5 percent, compared to the 0.3 percent decrease in the previous month. The food inflation edged up to 1.6 percent from 1.5 percent in January as the price of non-cooked food registered a steeper increase. The private transport costs rose 4.2 percent in February, compared to the 1.9 percent increase in January.
MTI and MAS said that the MAS core inflation is expected to average 0-1 percent in 2021. The forecast range for CPI-All Items inflation is being reviewed, and a revised forecast range will be released in MAS's upcoming Monetary Policy Statement in April. Enditem