Consumer inflation in Singapore accelerated in January, though the increase fell short of expectations and was not significant enough to raise alarms about price growth. According to data released on Monday by the Department of Statistics Singapore, the Consumer Price Index (CPI) rose by 1.4% year-on-year in January. This follows a 1.2% increase in December, while a media survey had predicted a rise of 1.6%. The core CPI, a key inflation measure closely monitored by the Monetary Authority of Singapore which excludes private road transport and accommodation costs, increased by 1.0% compared to the same period last year. This compares to a preliminary figure of 1.2% released for December, against a media forecast of 1.5%. On a month-on-month basis, the CPI declined by 0.5% in January, while the core CPI fell by 0.3%. These figures follow the Monetary Authority of Singapore's decision at its first policy meeting of the year to maintain its monetary policy settings unchanged, while projecting a rise in inflation and relatively robust economic growth. The central bank stated in late January that "risks to the growth and inflation outlook are tilted to the upside."