Singapore inflation down 0.1% in October

Smaller drag from oil-related items offset lower food and services inflation.

Singapore inflation has fallen 0.1% in October, compared to the 0.2% fall in September. This came as a smaller drag from the cost of oil-related items more than offset lower food and services inflation.

According to a joint statement by Monetary Authority of Singaproe and Minitry of Trade and Industry, cost of oil-related items fell at a slower rate of 3.7% in October, compared to the 8.4% drop in the previous month, owing to a smaller decline in electricity tariffs and petrol prices.

Meanwhile, food inflation moderated to 1.9% from 2.2% in the previous month, due to a slower pace of increase in the cost of non-cooked food items and restaurant meals.

"Overall services inflation eased slightly to 1.4% in October from 1.5% a month earlier, as lower telecommunications services fees more than offset a stronger pickup in the cost of medical & dental services," the two institutes said.

Private road transport cost, on the other hand, was unchanged on a year-ago basis, following the 0.4% fall in the preceding month. This largely reflected a smaller drop in petrol prices and a moderation in the decline of car prices.

MAS and MTI also mentioned that accommodation cost remained on a downtrend, falling by 3.8% in October, following the 3.7% decline in the previous month, amid continued softness in the housing rental market.