Summary

• MAS Core Inflation fell to ‐0.3% on a year‐on‐year (y‐o‐y) basis in December, from ‐0.1% in November.
  • The fall in MAS Core Inflation was mainly driven by a larger decline in services costs as well as lower food inflation.

• CPI‐All Items inflation came in at 0% in December, up from ‐0.1% in November.
  • The increase in CPI‐All Items inflation was primarily due to a rise in private transport costs.

• For 2020 as a whole, both MAS Core Inflation and CPI‐All Items inflation came in at ‐0.2%, lower than their respective outturns of 1.0% and 0.6% in 2019.

 

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