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Financial News: Singapore Inflation Steady At 0.7% In March

Singapore Inflation Steady At 0.7% In March

04/24/2017 - 01:29:00 (RTTNews)

(RTTNews) - Singapore inflation remained stable in March, figures from the Ministry of Trade and Industry and the Monetary Authority of Singapore showed Monday.

Consumer prices advanced 0.7 percent year-on-year in March, the same pace of growth as seen in February. Prices were expected to gain 0.8 percent. MAS core inflation also held steady at 1.2 percent in March.

Private road transport inflation eased to 6.9 percent from 7.1 percent in February. Meanwhile, services inflation rose to 1.6 percent from 1.5 percent. At the same time, food inflation remained at 1.3 percent.

Meanwhile, accommodation cost declined 4 percent in March.

Month-on-month, both overall consumer prices and core consumer prices remained flat in March.

For 2017, MAS core inflation was expected to average 1-2 percent, compared with 0.9 percent in 2016, while overall consumer price inflation was projected to rise to 0.5-1.5 percent from -0.5 percent prior year.

The ministry said the projected pickup in inflation can be attributed to the positive contribution of energy-related components and the impact of administrative price increases, rather than generalized demand-induced price pressures.

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