(MENAFN) According to Singapore's Department of Statistics, the consumer price index (CPI) inflation edged down 0.4 percent in January, following a 0.1 percent drop in December, Xinhua reported.
The Ministry of Trade and Industry and the Monetary Authority attributed the contraction to account of sharper price declines in direct oil-related items as well as lower food and services inflation.
The core inflation, which excludes changes in the price of private road transport and accommodation, came in at 1 percent in January compared to 1.5 percent in December, due to the cut in electricity tariffs.
The cost of private road transport fell by 5.0 percent, compared to the 5.3 percent drop in the previous month. Overall services inflation slowed to 1.2 percent while the cost of accommodation dropped 1.9 percent in January.
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