Singapore inflation up 0.2% in December

Thanks to a stronger pickup in private road transport cost.

Singapore inflation rose 0.2% YoY in the past month from a flat line in November, a joint release by Monetary Authority of Singapore and Ministry of Trade and Industry said.

The spike was mainly attributed to the private road transport cost, which increased by 1.7% in December, following the 0.2% rise in November, as a result of higher petrol prices and car park fees.

Meanwhile, services inflation edged up to 1.6% from 1.5% in the preceding month, mainly on account of a faster pace of increase in holiday expenses, which more than offset the larger contraction in telecommunication services fees.

Food inflation was 2.0% in December, unchanged from the previous month. Price increases for both non-cooked food items and prepared meals were broadly stable.

However, accommodation cost fell by 3.8% in December, similar to the previous month, reflecting continued softness in the housing rental market. Overall retail goods inflation eased to 0.0% in December from 0.2% in November, largely on account of a fall in the prices of personal care products following the rise in November.

For the whole of 2016, CPI-All Items inflation came in at -0.5% for the second consecutive year.