Financial News: Singapore Inflation Eases To 2.7%, Lowest In 30

Singapore Inflation Eases To 2.7%, Lowest In 30 Months

04/23/2024 - 03:33:00 (RTTNews)

(RTTNews) - Singapore consumer price inflation slowed in March to the lowest level in two-and-a-half years, largely due to a decline in private transport costs, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Tuesday.

The consumer price index rose 2.7 percent on a yearly basis in March, slower than the 3.4 percent increase in February. Economists had expected inflation to moderate to 3.1 percent.

Further, this was the weakest inflation since September 2021, when prices had risen 2.5 percent.

Likewise, core inflation softened to 3.1 percent in March from 3.6 percent in the previous month amid lower food and service inflation.

Data showed that private transport costs decreased 0.3 percent annually in March as car prices declined in tandem with lower COE premiums.

Meanwhile, food inflation eased to 3.0 percent from 3.8 percent, and service inflation decelerated to 3.9 percent from 4.2 percent.

Core inflation is expected to stay on a gradual moderating trend over the rest of the year as import cost pressures continue to decline and tightness in the domestic labour market eases, the MAS said.

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

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Norges Bank Keeps Policy Rate Steady At 4.50% (31 min(s), 38 sec(s) ago)
(RTTNews) - The Norwegian central bank maintained its key interest rate for the third straight dec ...Full Story»

U.S. Service Sector Activity Contracts For First Time Since December 2022 (52 min(s), 38 sec(s) ago)
(RTTNews) - After growing for fifteen consecutive months, U.S. service sector activity unexpectedl ...Full Story»

Eurozone Unemployment Rate Steady At 6.5% For Fifth Month (01 hr(s), 10 min(s), 38 sec(s) ago)
(RTTNews) - Euro area jobless rate remained unchanged at a record low for the fifth month in a row ...Full Story»

U.S. Services PMI Unexpectedly Indicates Contraction In April (01 hr(s), 15 min(s), 38 sec(s) ago)
(RTTNews) - After growing for fifteen consecutive months, U.S. service sector activity unexpectedl ...Full Story»

U.S. Job Growth Falls Short Of Estimates In April, Unemployment Rate Ticks Higher (01 hr(s), 59 min(s), 38 sec(s) ago)
(RTTNews) - After reporting stronger than expected job growth over the past several months, the La ...Full Story»

U.S. Employment Climbs Much Less Than Expected In April (02 hr(s), 47 min(s), 38 sec(s) ago)
(RTTNews) - After reporting stronger than expected job growth over the past several months, the La ...Full Story»

Turkey Inflation Rises Further To 17-Month High (03 hr(s), 12 min(s), 38 sec(s) ago)
(RTTNews) - Turkey's consumer price inflation increased further in April to the highest level ...Full Story»

Italy Jobless Rate Falls To 7.2%, Lowest In Over 15 Years (04 hr(s), 33 min(s), 38 sec(s) ago)
(RTTNews) - Italy's unemployment rate decreased to the lowest level in more than fifteen years ...Full Story»