Inflation eases to 6.7% in October

It came in lower due to the moderation in private transport inflation.

The rate of price increase slowed to 6.7% in October, data from the Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) showed. Last month inflation was at 7.5%.

The moderation of the headline or consumer price index (CPI)-all items inflation was on the back of lower private transport inflation (17.3% from 22.3%) and MAS core inflation (5.1% from 5.3%).

MAS and MTI said private transport prices fell due to a slower pace of increase in car and petrol prices.

Price movements also slowed down in electricity and gas (19.0% from 23.9%), retail and other goods (2.6% from 3.1%), and services (3.9% from 4.0%). Accommodation inflation was unchanged at 4.9%, as the pace of increase in housing rents held steady.

On the other hand, food prices edged up in October to 7.1% from 6.9% in September.

For the whole year, MAS and MTI expect headline inflation and core inflation to average around 6.0% and 4.0%, respectively.