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Financial News: Singapore Inflation Rises In February

Singapore Inflation Rises In February

03/23/2021 - 01:41:00 (RTTNews)

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

The consumer price index rose 0.7 year-on-year in February, following a 0.2 percent increase in January. Economists had expected a 0.6 percent rise.

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 0.2 percent annually in February, reversing a 0.2 percent decrease in the preceding month.

The statistical office expects external inflation to rise in the coming quarters, amid a recovery in global oil prices.

Domestic cost pressures are expected to stay low, as wage growth and commercial rent are likely to remain subdued.

For 2021, MAS Core Inflation is expected to average 0-1 percent, while the CPI-All Items inflation is reviewed given then recent sharper-than-expected increase in the prices of the non-core items.

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