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Financial News: Singapore Inflation Increases In March

Singapore Inflation Increases In March

04/23/2021 - 01:55:00 (RTTNews)

(RTTNews) - Singapore's consumer prices rose in March, data from the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Friday.

The consumer price index rose 1.3 percent year-on-year in March, following a 0.7 percent increase in February. This was in line with economists' expectation.

This latest consumer prices outcome was largely due to a rise in core inflation and prices for private transportation cost.

MAS core CPI, which excludes costs of accommodation and private road transport, grew 0.5 percent annually in March, following a 0.2 percent increase in the preceding month.

The statistical office expects external inflation to rise in the coming quarters, amid a recovery in global oil prices and turnaround in producer price inflation in a number of major economies.

Domestic cost pressures are expected to pick up, as labor market condition improved and private consumption recovers.

For 2021, MAS Core Inflation is expected to average 0-1 percent, while the CPI-All Items inflation is expected to come between 0.5-1.5 percent.

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