Core inflation eases to 3.1% in January

Below expectations: A customer at a fruit stall at a wet market in Singapore. Official data shows that core inflation came in at 3.1% year-on- year in January, lower than the 3.6% forecast in a Reuters poll of economists. — Bloomberg

SINGAPORE: Consumer prices have eased in January on the back of lower services and food inflation, beating analysts’ estimates in a surprise development.

But the Trade and Industry Ministry (MTI) and the Monetary Authority of Singapore (MAS) cautioned that core inflation is expected to pick up in February – a warning also given by some analysts.