Singapore's inflation numbers fell for the 15th straight month in January, slowing to l 0.6 per cent year-on-year.
Releasing the consumer price data on Tuesday the Ministry of Trade and Industry (MTI) and the Monetary Authority of Singapore (MAS) said sources of inflation are "likely to remain muted" due to supply buffers in major commodity markets and weak global demand conditions.
"Notably, global oil prices have fallen by around one-third since mid-October, and are expected to remain low in 2016. Wages are expected to continue to increase in 2016, although at a more moderate pace compared to last year. The pass through of wage costs to consumer prices may also remain tempered by the subdued economic growth environment," the statement said.
Core inflation, which excludes accommodation and private road transport, was at 0.4 per cent, compared to 0.3 per cent in December.
Rentals remained muted, with January recoding a 3.1 percent drop followed by a 3 percent decline in December.
Private road transport cost dropped 1.8 per cent in January, compared to the 1.1 per cent decline in December.
Food inflation rose to 1.7 per cent in January, an incremental rise over the 1.5 percent growth in December, mainly propelled by the rise in prices of non-cooked food.
Another segment to record growth was the healthcare services costs.
The Singapore Monetary Authority kept its core inflation forecast unchanged at 0.5 to 1.5 per cent.
