Singapore's consumer price inflation remained constant at the year's close, according to data released Thursday by the Monetary Authority of Singapore and the Ministry of Trade and Industry.
In December, the consumer price index increased annually by 1.6 percent, matching November's rate, while the anticipated inflation was set at 1.5 percent.
In contrast, core inflation slightly decreased to 1.8 percent in December from 1.9 percent in November, attributable to a slowing in services inflation.
The stability in overall inflation was due to a lower core and accommodation inflation, balanced by a less steep fall in private transport costs.
Services inflation decreased to 1.8 percent from 2.2 percent as holiday expenditures reduced, and public transport prices climbed at a slower rate. Accommodation inflation similarly slowed, registering 2.2 percent compared to the previous 2.4 percent.
The data indicated that electricity and gas prices grew steadily at 2.5 percent, with food inflation moving marginally higher to 2.5 percent from 2.4 percent. Conversely, transport costs fell at a reduced decline of 0.1 percent.
Overall inflation averaged 2.4 percent in 2024, dropping from 4.8 percent in 2023. MAS core inflation was recorded at 2.7 percent for 2024, a decrease from the previous year's 4.2 percent.
Looking forward, CPI-All Items inflation is anticipated to decline further in 2025. Although private transport inflation is expected to rise from its low level in 2024, this should be counterbalanced by lower accommodation and core inflation. MAS Core Inflation is forecasted to decrease in 2025 in comparison to 2024.
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