Inflation rate at 0.94% in 2023

The inflation rate for 2023 was 0.94%, down 0.10 percentage points from 1.04% in 2022, data from the Statistics and Census Service (DSEC) showed. The Composite CPI for December grew by 1.42% year-on-year. The year-on-year growth in the average Composite CPI for 2023 stemmed from higher charges for eating out and package tours, increases in tuition fees and wages of domestic helpers, as well as dearer prices for clothing and gasoline. However, the growth was partially moderated by lower rentals for dwellings and reduced airfares.