SINGAPORE, July 23 (Xinhua) -- Singapore's core inflation as measured by the Consumer Price Index (CPI) eased to 2.9 percent year-on-year in June from 3.1 percent in May, according to official data released Tuesday.
The Ministry of Trade and Industry and the Monetary Authority of Singapore attributed the decline to lower retail and services prices.
The core Inflation is expected to moderate over the rest of the year and step down more discernibly in the fourth quarter as import cost pressures continue to decline and tightness in Singapore's labor market eases further.
The core CPI excludes private transport and accommodation costs to better reflect household expenses.
The all-items inflation in Singapore slowed to 2.4 percent year-on-year in June from 3.1 percent in May. ■