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Financial News: Singapore Inflation Accelerates In February

Singapore Inflation Accelerates In February

03/25/2024 - 03:01:00 (RTTNews)

(RTTNews) - Singapore consumer price inflation increased in February on account of higher costs for accommodation, services and food, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Monday.

The consumer price index advanced 3.4 percent on a yearly basis in February, faster than January's 2.9 percent increase. Prices were expected to gain 3.3 percent.

Likewise, core inflation accelerated to a seven-month high of 3.6 percent from 3.1 percent a month ago.

Data showed that the accommodation inflation picked up to 3.9 percent as additional Service & Conservancy Charges rebates, which were disbursed in January, were not disbursed in February.

Services inflation rose to 4.2 percent mainly due to higher airfares and a steeper increase in holiday expenses. Similarly, food inflation rose to 3.8 percent from 3.3 percent.

For 2024 as a whole, headline and core inflation were projected to average 2.5-3.5 percent.

The authorities cautioned that upside risks to inflation remain, including from fresh shocks to global energy and shipping costs due to geopolitical conflicts, higher food commodity prices from adverse weather events, as well as more persistent-than-expected tightness in the domestic labor market.

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