Singapore's key consumer price gauge rose 3.1% in January on a yearly basis, lower than economists' forecasts, official data showed on Friday.

The core inflation rate - which excludes private road transport and accommodation costs - was lower than the 3.6% forecast in a Reuters poll of economists and compared with 3.3% seen in December.

Headline inflation in January was up 2.9% from the same month last year, but lower than the 3.8% forecast in the poll.

Inflation, while down from its peak of 5.5% in January last year, remains sticky amid slowing economic growth.

For the whole of 2023, GDP grew 1.1%, moderating from 3.8% in 2022.

Singapore expects higher GDP growth of 1%-3% this year but warned the economic outlook was mixed because of geopolitical risks.

Last week, Deputy Prime Minister Lawrence Wong said during his budget speech in parliament that ongoing conflicts in Europe and the Middle East can escalate, leading to price pressures due to disruptions in global energy markets and supply chains.

In January, the central bank left monetary policy settings unchanged in its first review of the year. The Monetary Authority of Singapore has increased the frequency of its reviews from twice a year to quarterly starting in 2024.

(Reporting by Xinghui Kok; Editing by Kanupriya Kapoor)