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Singapore Nov headline prices rise 3.8per cent, fastest in nine years

FILE PHOTO: A ship docks at Keppel terminal in Singapore November 17, 2020.  REUTERS/Edgar Su/File Photo

FILE PHOTO: A ship docks at Keppel terminal in Singapore November 17, 2020. REUTERS/Edgar Su/File Photo

SINGAPORE :Singapore's November headline prices rose by their fastest pace in nearly nine years on higher private transport and services costs, while the government also slightly increased its 2021 outlook for the measure.

Headline inflation rose by 3.8per cent, exceeding economists' forecast of 3.35per cent and 3.2per cent in October. That is the most it has risen since February 2013.

The core inflation rate — the central bank's favoured price measure - rose to 1.6per cent in November on a year-on-year basis, the highest since January 2019, versus 1.5per cent in the prior month. A Reuters poll of economists had forecast a 1.5per cent increase.

Core inflation is projected to average 0.9per cent for 2021 with headline inflation at 2.3per cent, the Monetary Authority of Singapore and ministry of trade and industry said in a joint statement.

That compared with a previous outlook for core inflation to come in near the upper end of a 0–1per cent range, and headline prices to be at about 2per cent.

For 2022, the central bank maintained its forecast for headline prices to average 1.5–2.5per cent and core inflation to increase further to 1-2per cent.

(Reporting by Aradhana Aravindan in Singapore; Editing by Himani Sarkar)

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