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SINGAPORE : Singapore's consumer price inflation cooled slightly in February after touching a 25-year high in January, due largely to higher costs of housing, food and transport & communication.
The Department of Statistics said in a statement Monday that the consumer price index (CPI) - a non-core measure of costs for goods and services - rose 6.5 percent from a year earlier after rising 6.6 percent in January.
January's rise was the fastest since March 1982.
Compared to January, the February CPI rose by 0.5 percent.
Food and energy costs have remained elevated in 2008 after picking up in 2007, and accommodation expenses are also driving overall consumer prices higher.
Housing costs were a key driver of February's inflation, rising 8.8 percent from a year earlier.
However some of the rise in the housing component is likely due to a new computation technique implemented in January, which uses market prices rather than delayed data.
Transportation costs also increased further in February on account of an increase in taxi fares and more expensive gasoline.
Food costs rose as a result of rising prices for a range of fresh produce and meats.
On month, the index gained 0.2 percent in seasonally adjusted terms, surpassing a forecast for a 0.3 percent rise.
The index rose 1.5 percent in January from December.
In a separate statement, the Ministry of Trade and Industry reiterated the government's 2008 inflation target of 4.5 to 5.5 percent. - CNA/ch
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