Singapore seen from Marina Bay (Source: CNN)

 Singapore (VNA) – Singapore ’s inflation rate in January dropped 0.6 percent compared with the same period last year, according to a joint report released by the Ministry of Trade and Industry (MTI) and the Monetary Authority of Singapore (MAS) on February 23.

This is the 15th straight month that consumer prices have fallen in the city state.

According to data, private road transport costs fell by 1.8 percent in the reviewed period, compared to a 1.1 percent fall in December 2015 due to the sharp fall in car prices.

Meanwhile, accommodation costs dropped by 3.1 percent attributable to the reduction in housing rental market.

Overall services inflation moderated to 0.5 percent, down from 0.9 percent in December 2015, largely due to a slower pace of increase in education services fees and holiday travel costs.

Healthcare services costs grew as the disinflationary effects of medication subsidies introduced in January 2015 dissipated, while food prices rose by 1.7 percent last month compared to December 2015’s 1.5 percent.

For the year 2015, CPI inflation fell by 0.5 percent, the first yearly decline since 2002.

Economists said prices might increase in the second half of the year, but 2016 is likely to be a year of benign inflation amid a sluggish growth environment.-VNA