Financial News: Singapore Inflation Steady At 0.9%

Singapore Inflation Steady At 0.9%

(RTTNews) - Singapore consumer price inflation held steady in March after easing to a 4-year low in February, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Wednesday.

The consumer price index rose 0.9 percent on a yearly basis in March, the same as in the previous month, which  was the lowest inflation since February 2021. Economists had expected inflation to rise to 1.0 percent.

The stagnation in March was reflected in higher private transport inflation, which offset the fall in core and accommodation inflation, the agency said.

Food inflation rose to 1.3 percent in March from 1.0 percent in February as the prices of non-cooked food and prepared meals rose at a quicker pace.

Similarly, private transport inflation accelerated to 2.1 percent from 1.6 percent due to larger increases in car prices.

Meanwhile, electricity and gas prices fell at a faster pace of 3.5 percent. Services inflation eased to 0.6 percent from 0.8 percent due to  a steeper decline in the cost of information and communication services.

Looking ahead, Singapore's imported inflation is expected to remain moderate amid slowing global demand and ample supply conditions and an expected fall in crude oil prices compared to 2024. Domestically, unit labor costs are projected to rise gradually as nominal wage growth continues to ease even as productivity increases.

Both MAS Core Inflation and CPI-All Items inflation are projected to average 0.5-1.5 percent in 2025, the MAS said.

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