SINGAPORE (Oct 23): Singapore's key consumer price gauge eased to 3.0% in September on a yearly basis, almost matching economists' forecasts, official data showed on Monday.

The core inflation rate — which excludes private road transport and accommodation costs — was in line with the 3.1% forecast by a Reuters poll of economists and compared with 3.4% in August, and a peak of 5.5% in January and February.

Headline inflation in September was at 4.1% compared with the same month last year, also matching the economists' forecast.

Core inflation is projected to ease to 2.5-3.0% year-on-year by December, notwithstanding some monthly volatility from electricity and gas prices, said the Monetary Authority of Singapore (MAS) and the trade ministry in a joint statement.

"Although crude oil prices have risen in recent months, global prices for most food commodities, as well as for intermediate and final manufactured goods, have continued to moderate. The stronger S$ trade-weighted exchange rate should also further temper Singapore's import cost pressures in the quarters ahead," the statement said.

This month, the central bank kept monetary policy settings on hold but changed the frequency of the scheduled reviews to quarterly from semi-annual.