S’pore CPI eases to 0.6pc in Sept

SINGAPORE, Oct 23 (Xinhua): The Consumer Price Index in Singapore rose 0.6 per cent 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 per cent in September from 2.1 per cent 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 per cent, after falling by 2.9 per cent 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 per cent compared to 2.9 per cent a month ago, mainly due to a steeper increase in the prices of prepared meals.