Singapore\`s inflation eases for first time in eight months

Singapore's key consumer price gauge rose 5.1% in October_ slightly less than forecast and marking the first easing in eight months_ official data showed on Wednesday_ due to smaller rises in prices of utilities_ retail_ other goods and services.

Analysts had said the reduced pace of increase should leave some space for the central bank to refrain from further tightening in 2023 and to focus more on dealing with the slowing economy.

The core inflation rate - the central bank's favoured price measure which excludes private transport and accommodation - rose to 5.1% last month comparing to the same month of the previous year_ slower than the 5.3% seen in September.

Headline inflation came in at 6.7%_ a drop from the 7.5% increment in September. The economists' forecast for October was 7.1%.

The central bank had earlier said core inflation was likely to remain elevated at about 5% for the rest of 2022 and into the first half of the next year.

The city-state tightened monetary policy last month for the fourth time this year to combat inflation.