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Financial News: Singapore Inflation Eases In March

Singapore Inflation Eases In March

04/23/2018 - 02:02:00 (RTTNews)

(RTTNews) - Singapore inflation slowed in March largely due to slower growth in services cost, data from the Ministry of Trade and Industry and Monetary Authority of Singapore showed Monday.

Consumer prices climbed 0.2 percent year-on-year in March, slower than the 0.5 percent increase in February. Economists had forecast the rate to remain unchanged at 0.5 percent.

Similarly, core inflation slowed to 1.5 percent from 1.7 percent a month ago.

Among components, the cost of private road transport fell 0.6 percent, reversing the 0.6 percent rise a month ago, due to lower car prices. Services inflation slowed to 1.4 percent from 1.9 percent.

Likewise, food inflation dipped to 1.4 percent in March from 1.5 percent in February.

On a monthly basis, overall consumer prices and core prices dropped 0.2 percent each in March.

Core inflation is expected to rise gradually over the course of 2018 to come in at the upper half of the 1-2 percent forecast range, should economic conditions evolve as expected.

Similarly, overall inflation is projected to be in the upper half of the 0-1 percent forecast range this year.

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