SINGAPORE, Oct. 23 (Xinhua) -- The Consumer Price Index in Singapore rose 0.6 percent on-year in September, on account of a smaller increase in services costs and a further decline in accommodation cost and private transport cost, the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry ( MTI) said in a joint statement on Thursday.
Services inflation slowed to 1.7 percent in September from 2.1 percent in the preceding month, mainly due to the moderation in the increase in medical and dental treatment fees, which reflects the impact of enhanced medical subsidies, including the Pioneer Generation Package.
Private road transport cost was lower by 2.8 percent, after falling by 2.9 percent in August, reflecting the more moderate decline in COE premiums relative to a year ago. COE (certificate of entitlement) refers to a certificate of car ownership which is required for anyone who wants to own a car in Singapore and available through open bidding.
Food inflation was higher at 3.0 percent compared to 2.9 percent a month ago, mainly due to a steeper increase in the prices of prepared meals.
Accommodation cost fell by 0.6 percent, extending the 0.2 percent decline in August, as a result of the soft housing rental market.
Core inflation, which excludes the costs of accommodation and private road transport, edged down to 1.9 percent year-on-year in September, largely on account of the enhanced medical subsidies which caused a one-off reduction in the level of healthcare services cost.
MAS said CPI-All Items inflation should stay subdued for the rest of this year and throughout 2015, amid the expected increase in the supply of COEs and newly-completed housing units. It is expected ease to below 0.5 percent in the fourth quarter of 2014. For the whole year, CPI-All Items inflation is projected to come in at 11.5 percent in 2014 and 0.51.5 percent in 2015.
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