Singapore's inflation slowed in the first month of the year, with prices in key categories such as food, transport, and housing growing at a slower pace.

Key Statistics

  • Consumer Price Index rose 2.9% in January from a year earlier.
  • Core CPI, which excludes private road transport and accommodation costs, rose 3.1% in January.
  • Housing & Utilities increased by 2.4%, Food by 3.3%, Transport by 2.3%, Recreation & Culture by 4.4%, Education by 3.2%, Misc Goods & Services by 2.6%, and Communication by 3.6%.

Analysts Expectations

Analysts were surprised by the deceleration in inflation as they had anticipated a bit of momentum at the beginning of the year. The unexpected slowdown could potentially impact the central bank's policy settings.

Government Response

In response to the effects of higher inflation, Singapore announced about US$1.41 billion in cash handouts, vouchers, and rebates for households in the new fiscal year.

The cooling of inflation is expected to be welcomed in Singapore, where a core inflation rate of just under 2% is viewed as consistent with overall price stability.

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