Inflation crept down by 1.4% in January 2014

Thanks to private road transport cost dip.

According to a joint release by MAS and MTI, CPI-All Items inflation inched down to 1.4% in January 2014 from 1.5% in December 2013, on account of a more moderate increase in accommodation cost and a larger decline in private road transport cost. 

Accommodation cost rose by 2.4%, compared with 2.9% in the previous month, as imputed rentals on owner-occupied accommodation (OOA) edged up at a slower pace.

Here's more:

Private road transport cost fell by 3.5% in January, following the 2.8% drop in December, due to lower COE premiums at the end of 2013.

Services inflation was slightly higher at 2.9%, compared with 2.8% in the preceding month, led by a stronger increase in holiday travel cost and pre-school fees.

Food inflation edged up to 3.0% from 2.7% in December. This mainly reflected the seasonal uptick in food prices during Chinese New Year.