Financial News: Singapore Inflation Stable At 0.9%

Singapore Inflation Stable At 0.9%

(RTTNews) - Singapore consumer prices logged a steady growth in April as higher inflation in services and food was largely offset by lower inflation in accommodation and private transport, official data showed Friday. Consumer prices grew 0.9 percent year-on-year in April, the same rate as seen in March, the Monetary Authority of Singapore reported. Inflation was forecast to ease to 0.8 percent.

On a monthly basis, consumer prices fell 0.3 percent in April.

Meanwhile, MAS core inflation accelerated to 0.7 percent from 0.5 percent in March. Services inflation rose to 1.1 percent due to the increase in the cost of health insurance and a smaller fall in airfares. Food inflation edged up to 1.4 percent on higher non-cooked food.

Due to the fall in petrol prices and a smaller growth in car prices, private transport inflation eased to 1.3 percent. Likewise, accommodation inflation softened to 1.1 percent reflecting smaller increases in housing rents and housing maintenance costs. Retail and other goods prices fell at a faster pace of 1.2 percent due to a fall in clothing and footwear prices.

The central bank forecast both MAS core inflation and overall inflation to average 0.5-1.5 percent in 2025. The bank observed that risks to inflation are tilted towards the downside amid heightened uncertainties in the external environment.

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