SINGAPORE, Dec. 23 (Xinhua) -- Singapore's core inflation held steady at 1.2 percent year on year in November, unchanged from October, official data showed on Tuesday.

In a joint statement, the Ministry of Trade and Industry and the Monetary Authority of Singapore said higher services inflation was offset by lower retail and other goods inflation, as well as a sharper decline in electricity and gas costs.

On a month-on-month basis, core consumer prices fell 0.1 percent in November. The core Consumer Price Index, which excludes accommodation and private transport costs, is seen as a key gauge of underlying, demand-driven inflation.

Headline inflation also remained unchanged at 1.2 percent year on year in November, the statement said, mainly reflecting stable accommodation costs and core inflation. ■