Singapore Inflation Rises In February

By | March 25, 2019

Singapore’s inflation rose partially in February, reversing the slowing in the previous month, information from the Monetary Authority of Singapore and the Ministry of Trade and Market revealed on Monday.

The customer price inflation rose to 0.5 percent in February from 0.4 percent in January, in line with financial experts’ expectations.

In the month of December, inflation was 0.5 percent.

The latest inflation rate showed gradual decreases in private road transportation and accommodation expenses, which outweighed lower inflation for services, retail products and electrical energy and gas.

MAS core inflation, which excludes the costs of accommodation and personal road transportation, slowed to 1.5 percent from 1.7 percent in the previous month, reflecting smaller increases in services, retail and electrical energy and gas costs.

On a month-on-month basis, total customer rates rose 0.5 percent in February, reversing 0.3 percent fall in January.

On the other hand, MAS core CPI climbed 0.2 percent after edging up 0.1 percent.

The MAS and the ministry kept the 2019 headline inflation forecast of 0.5-1.5 percent and the core inflation outlook at 1.5-2.5 percent.

They expect helpful labor market conditions to underpin wage development and continuing rate pressures in the middle of the outlook for lower global oil prices this year.

Even more, the extent of overall rate increases will be capped by higher market competitors in numerous consumer sectors, such as telecommunications, electrical power and retail, the reserve bank and the ministry said.

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