Singapore February core inflation rises lower-than-forecast 5.5%


People walk about during their lunch break in the Raffles Place financial business district in Singapore. — AFP

SINGAPORE: Singapore's key consumer price gauge rose 5.5% in February, unchanged from the previous month and lower than forecast, official data showed on Thursday.

The core inflation rate - which excludes private road transport and accommodation costs - compared with a forecast in a Reuters poll of economists for a 5.8% increase in February.

Lower prices for services were broadly offset in the core inflation data by higher prices for retail, as well as other goods and utilities, the Monetary Authority of Singapore said in a statement.

However, the inflation rate in February is still at the same level as in January, which was the fastest pace seen since November, 2008.

MAS has said core inflation was likely to stay at about 5% for the early part of 2023.

It has also projected a core inflation rate of between 3.5% to 4.5% in 2023, with headline inflation coming in at between 5.5% and 6.5%.

Headline inflation was up 6.3% year-on-year in February, compared with a forecast 6.45% increase in a Reuters poll. - Reuters

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Singapore , inflation , CPI , forecast , retail , MAS

   

Next In Business News

Gaming stocks on track for recovery in 2025
iCents Group Holdings eyes listing on ACE Market
Infrastructure growth to support telecoms players
Thematic investing the way to go in 2025
Ageing population, tourism a boon for healthcare
Bright outlook for oil and gas on stable energy prices, PETRONAS capex
Infrastructure and DC projects set to boost construction
Dividend galore for PNB’s unit trust holders
China to ramp up fiscal support for consumption
Pan Merchant eyes ACE Market listing

Others Also Read