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Singapore's January inflation higher at 0.6%, in line with economists' expectations
SINGAPORE'S January headline inflation climbed to 0.6 per cent year on year - in line with economists' expectations - due to a hike in the cost of oil-related items, a smaller drop in car prices, and higher services inflation.
Core inflation (which excludes the cost of accommodation and private road transport) also rose to 1.5 per cent last month, compared with 1.2 per cent the month before, reflecting higher electricity tariffs and higher services inflation.
The Department of Statistics released the latest inflation data on Thursday. The 15 economists polled by Bloomberg had expected overall inflation to rise marginally to 0.6 per cent year-on-year in January.
Inflation troughed when overall inflation in December 2016 was 0.2 per cent year on year - the first time in over two years that Singapore's headline inflation rate climbed out of negative territory.
Said the Monetary Authority of Singapore and the Ministry of Trade and Industry in joint comments: "The firmer rate of inflation in 2017 largely reflects the positive contribution of energy-related components as well as some administrative price increases, rather than generalised demand-induced price pressures."