(Nov 25): Singapore’s core inflation in October slowed to the weakest pace since December 2021, as heathcare and recreation price gains eased.

The core measure, which excludes housing and private transportation costs, rose 2.1% last month from a year earlier, government data showed Monday. That’s lower than the median estimate of 2.5% in a Bloomberg News survey.

Headline inflation came in at 1.4%, the slowest pace since March 2021, the data showed. That was slower than the 1.8% median estimate in a Bloomberg News survey. The non-seasonally adjusted monthly measure fell 0.3%.

The Monetary Authority of Singapore said in its latest review that the disinflation trajectory is “well entrenched” though it cautioned on upside risks to prices. The central bank expects core inflation to end the year around 2% and average around the midpoint of its 1.5-2.5% forecast range in 2025.

The MAS, which uses the exchange rate rather than interest rates to control price growth, will review policy settings end-January.

Other highlights from the October inflation report:

• Recreation and culture costs eased 1.5% on-year from 4.5% in September
• Healthcare inflation slipped to 2.1% from 4.1% prior
• Transport price fell 0.9% from year ago
• Food inflation increases came in at 2.6% on-year