SINGAPORE, Oct. 23 (Xinhua) -- Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) said in a joint press release on Friday that Singapore's consumer price index for all items (CPI-All Items) inflation rose from -0.4 percent in August to zero in September.

This brings an end to a consecutive five months of negative CPI-All Items inflation for Singapore. The two authorities attribute the rise largely to a more gradual decrease in private transport costs.

According to the press release, Singapore's private transport costs fell by 0.1 percent in September, compared to a 2.3 percent decline in August. That was mainly due to a larger increase in car prices.

Meanwhile, the MAS core inflation, which excludes the costs of accommodation and private road transport, came in at -0.1 percent on a year-on-year basis in September, compared to a -0.3 percent in August. The moderation in the pace of decline was mainly driven by smaller reductions in services costs and electricity and gas costs.

Singapore's services costs fell by 0.1 percent in September, compared to a 0.5 percent decline in August. The decline eased due to a steeper increase in telecommunication services fees, as well as a smaller drop in tuition and other fees.

The cost of electricity and gas fell by 14.2 percent in September, compared to a 14.6 percent decline in August. The slightly slower rate was attributed to the fact that the take-up of new subscriptions under the Open Electricity Market slowed.

MTI and MAS estimate that both MAS core inflation and CPI-All Items inflation are forecast to come in between -0.5 percent and 0 in 2020. In 2021, MAS core inflation is expected to average 0-1 percent, while CPI-All Items inflation is projected to be between -0.5 percent and 0.5 percent. Enditem

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