SINGAPORE, Dec 23 — Singapore’s Consumer Price Index (CPI) All Items inflation fell to -0.3 per cent in November 2014 from 0.1 per cent in October.

This is mainly on account of base effects associated with fluctuations in car certificate of entitlement (COE) premiums.

According to a joint statement released by the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry, price increases for other major categories, except food, also eased.

Private road transport cost declined by 7.0 per cent, after the 5.6 per cent decrease in October.

This largely reflected the high base for car prices in the same period last year following the surge in COE premiums, while petrol pump prices also fell at a faster pace of 4.3 per cent compared to a decline of 1.6 per cent a month ago.

Accommodation cost was 1.2 per cent lower, extending the 1.0 per cent correction in October, as a result of the soft housing rental market.

Services inflation moderated to 1.4 per cent from 1.7 per cent in the preceding month, given lower holiday travel cost and a smaller increase in household services cost and medical treatment fees.

Food inflation rose to 2.9 per cent in November from 2.8 per cent a month earlier, due to price increases for non-cooked food items and prepared meals.

CPI less imputed rentals on owner-occupied accommodation (CPI-ex OOA) declined by 0.1 per cent in November.

Inflation as measured by CPI-ex OOA eased to -0.1 per cent in November from 0.4 per cent in October, largely reflecting a sharper decline in the cost of private road transport.

MAS Core Inflation, which excludes the costs of accommodation and private road transport, eased to 1.5 per cent in November from 1.7 per cent a month ago, mainly owing to the smaller increase in services fees. — Bernama