Summary

• MAS Core Inflation eased to 1.8% on a year-on-year (y-o-y) basis in December, from 1.9% in November.
  • This was due to a moderation in services inflation.
  • On a month-on-month (m-o-m) basis, core CPI increased by 0.5%. 

• CPI-All Items inflation came in at 1.6% y-o-y in December, unchanged from November.
  • This was because lower core and accommodation inflation was offset by a milder decline in private transport costs.
  • On a m-o-m basis, CPI-All Items rose by 0.3%. 

• For 2024 as a whole, MAS Core Inflation averaged 2.7%, easing from 4.2% in 2023. 

• Meanwhile, CPI-All Items inflation averaged 2.4% in 2024, down from 4.8% in 2023. 

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MONETARY AUTHORITY OF SINGAPORE

MINISTRY OF TRADE AND INDUSTRY

23 JANUARY 2025