SINGAPORE, Nov 26 — Singapore’s key consumer price gauge rose 2.1 per cent in October from a year earlier, lower than economists’ forecasts and the smallest rise in almost three years, official data showed yesterday.

The core inflation rate, which excludes private road transport and accommodation costs, compared with a forecast of 2.5 per cent in a Reuters poll of economists and September’s rate of 2.8 per cent.

Core inflation in October was the lowest since December 2021 when it was also 2.1 per cent.

Headline inflation was 1.4 per cent in annual terms in October, lower than forecast of 1.8 per cent in the poll.

Last week, Singapore upgraded its 2024 economic growth forecast to around 3.5 per cent from a previous range of 2.0 per cent to 3.0 per cent after third-quarter growth came in stronger than expected.

The Monetary Authority of Singapore (MAS) left its policy settings unchanged at a review last month as inflation pressures continued to moderate and growth prospects improved.

The next policy meeting is in January. On Monday, the MAS said core inflation was expected to remain around 2 per cent into year-end. — Reuters