Singapore’s full-year inflation in 2024 came in at 2.4 per cent, close to the official forecast, and fell from elevated levels the year before, data from the Singapore Department of Statistics showed on Thursday (Jan 23).

Core inflation, which excludes private transport and accommodation, averaged 2.7 per cent last year and is within the forecast range of the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI).

The authorities had expected 2024 core inflation to be within 2.5 to 3 per cent and for headline inflation to be around 2.5 per cent.

In 2023, headline inflation averaged 4.8 per cent, while core inflation was at 4.2 per cent.

Last month, core inflation was 1.8 per cent, a notch below November’s 1.9 per cent. Headline inflation in December was unchanged at 1.6 per cent.