Singapore: CPI - All Items inflation rise to zero in Sept; fans allowed for sports events

SINGAPORE, Oct 23 (Xinhua): Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) said in a joint press release on Friday that Singapore's consumer price index for all items (CPI-All Items) inflation rose from -0.4 per cent in August to zero in September.

This brings an end to a consecutive five months of negative CPI-All Items inflation for Singapore. The two authorities attribute the rise largely to a more gradual decrease in private transport costs.

According to the press release, Singapore's private transport costs fell by 0.1 per cent in September, compared to a 2.3 per cent decline in August. That was mainly due to a larger increase in car prices.

Meanwhile, the MAS core inflation, which excludes the costs of accommodation and private road transport, came in at -0.1 per cent on a year-on-year basis in September, compared to a -0.3 per cent in August.

The moderation in the pace of decline was mainly driven by smaller reductions in services costs and electricity and gas costs.

Singapore's services costs fell by 0.1 per cent in September, compared to a 0.5 per cent decline in August. The decline eased due to a steeper increase in telecommunication services fees, as well as a smaller drop in tuition and other fees.

The cost of electricity and gas fell by 14.2 per cent in September, compared to a 14.6 per cent decline in August. The slightly slower rate was attributed to the fact that the take-up of new subscriptions under the Open Electricity Market slowed.

MTI and MAS estimate that both MAS core inflation and CPI-All Items inflation are forecast to come in between -0.5 percent and 0 in 2020. In 2021, MAS core inflation is expected to average 0-1 percent, while CPI-All Items inflation is projected to be between -0.5 percent and 0.5 percent.

Meanwhile, AFP reports that Singapore will allow fans at a sports event for the first time in months when limited numbers attend a One Championship MMA fight card next week, organisers said on Friday.

Up to 250 mask-wearing fans will be allowed at next Friday's "One: Inside the Matrix" after going antigen tests for the coronavirus.

The screening is part of a government pilot programme that will see people tested for Covid-19 before large-scale events.

Antigen tests can identify at least 80 percent of infected people and provide results within 30 minutes, according to the government.

"One: Inside the Matrix", featuring six fights, will be held at the Singapore Indoor Stadium, which holds up to 12,000 spectators.

One Championship held a closed-door event in Singapore this month, its first major international show since the coronavirus brought sport to a halt worldwide.

Singapore has recorded nearly 58,000 coronavirus cases and 28 deaths, but its outbreak has slowed markedly in recent weeks, allowing it to gradually ease curbs and travel restrictions.
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Singapore , CPI , Inflation , Zero , Opening Ip , Fans , Allowed , Sports Events


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