Singapore's core inflation fell to 0.8 per cent year-on-year in January, from a revised 1.7 per cent in December last year.

The drop was due to lower inflation across all broad consumer price index categories, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) said on Monday (Feb 24). 

The last time core inflation was lower was in June 2021, when it came in at 0.6 per cent.

On a month-on-month basis, core inflation, which excludes accommodation and private transport, decreased by 0.2 per cent.

Meanwhile, overall inflation eased to 1.2 per cent in January, from 1.5 per cent in December.

"This reflected a moderation in accommodation inflation, in addition to the fall in core inflation," said the authorities.

On a month-on-month basis, overall inflation – which excludes non-consumption expenditures such as purchases of houses, shares and other financial assets and income taxes – fell by 0.7 per cent.