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Financial News: Singapore Inflation Rises In February

Singapore Inflation Rises In February

03/25/2019 - 05:11:00 (RTTNews)

(RTTNews) - Singapore's inflation rose marginally in February, reversing the slowing in the previous month, data from the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Monday.

The consumer price inflation rose to 0.5 percent in February from 0.4 percent in January, in line with economists' expectations.

In the month of December, inflation was 0.5 percent.

The latest inflation rate reflected gradual declines in private road transport and accommodation costs, which outweighed lower inflation for services, retail items and electricity and gas.

MAS core inflation, which excludes the costs of accommodation and private road transport, slowed to 1.5 percent from 1.7 percent in the previous month, reflecting smaller increases in services, retail and electricity and gas prices.

On a month-on-month basis, overall consumer prices rose 0.5 percent in February, reversing 0.3 percent fall in January.

Meanwhile, MAS core CPI climbed 0.2 percent after edging up 0.1 percent.

The MAS and the ministry retained the 2019 headline inflation forecast of 0.5-1.5 percent and the core inflation outlook at 1.5-2.5 percent.

They expect supportive labor market conditions to underpin wage growth and continuing price pressures amid the outlook for lower global oil prices this year.

Further, the extent of overall price increases will be capped by greater market competition in several consumer segments, such as telecommunications, electricity and retail, the central bank and the ministry said.

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