SINGAPORE: Singapore's core inflation in December rose to 2.1 per cent on a year-on-year basis, up from the 1.6 per cent reported in November, official data released on Monday January 24 showed.
The Monetary Authority of Singapore MAS and the Ministry of Trade and Industry MTI said in a joint media release that there was an increase in services inflation due to a steeper increase in airfares which reflected the higher costs of travel on vaccinated travel lanes.
The consumer price index, or overall inflation, increased to 4 per cent year-on-year in December, up from 3.8 per cent in the previous month.
Core inflation came in at 0.9 per cent for the whole of 2021, up from 0.2 per cent in 2020 CPI-All Items inflation to 2.3 per cent, from 0.2 per cent the previous year.
They said that given the recent stronger-than- projected inflation out-turns, including the sharp increase in airfares, MAS and MTI are reviewing the current forecast ranges for CPI-All Items inflation and MAS Core Inflation in 2022.
The cost of accommodation and private transport is not included in the core inflation. These items are excluded because they tend to be influenced by supply-side administrative policies and are volatile.