By Gaurav Raghuvanshi
SINGAPORE--Singapore's consumer prices fell at a slower pace in October, but the index remained in contraction for the 24th consecutive month.
The consumer-price index slipped 0.1% year-over-year in October, compared with the median estimate for the reading to be unchanged in a poll of five analysts by The Wall Street Journal. The CPI fell 0.2% in September.
Housing and utilities costs, which make up 26.3% of the CPI, fell 3.8% in October because of the soft housing rental market, according to data from the Ministry of Trade and Industry.
The cost of transportation, which has an index weighting of 15.8%, declined 0.2% in October. Private road transport costs were flat amid steady petrol prices and ascar prices fell at a slower pace.
Growth in food prices, which have a 21.7% weighting in the index, decelerated to 1.9% from 2.2% in September, as the cost of non-cooked food items and restaurant meals rose at a slower clip, the data showed.
The central bank's core inflation measure, which strips out private road transport and accommodation costs, rose to 1.1% in October from 0.9% in September, largely due to weaker drag from oil-related sectors such as electricity and gas.
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(END) Dow Jones Newswires
November 23, 2016 00:21 ET (05:21 GMT)
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