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Singapore Inflation Rises In February

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Singapore consumer prices increased more than expected, while core inflation eased unexpectedly in February, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Wednesday.

Consumer prices increased 4.3 percent year-on-year in February, following a 4.0 percent rise in January. Economists had expected the rate to rise to 4.2 percent.

The latest inflation was due to higher private transport inflation offset the decline in core inflation.

MAS core inflation eased to 2.2 percent in February from 2.4 percent in the previous month. Economists had forecast a rise of 2.5 percent

The slowing in the core rate was largely driven by lower inflation for services, food and electricity and gas.

On a monthly basis, consumer prices remained unchanged in February and the core CPI rose 0.9 percent.

Core inflation is forecast to reach 3.0 percent by the middle of the year before easing in the second half as external inflation recedes. Rising cost of air travel is expected to account for a significant part of the increase in core inflation in the near term.

For 2022 as a whole, MAS core inflation is projected to average 2-3 percent, while overall inflation is forecast to come in within 2.5-3.5 percent.

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