SINGAPORE’S inflation heated up more than expected in February, with both headline and core inflation rising at a faster pace than the month before, data from the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) showed on Monday (Mar 25).
Headline inflation for the month rose to 3.4 per cent year on year, higher than the 2.9 per cent recorded in January, as well as the 3.2 per cent median forecast by private-sector economists polled by Bloomberg.
The higher inflation is a reflection of a pickup in accommodation inflation, in addition to higher core prices, said MAS and MTI.
Core inflation, which excludes accommodation and private transport, climbed to 3.6 per cent year on year, accelerating from the 3.1 per cent recorded in the previous month and above economists’ median estimate of 3.4 per cent.
MAS and MTI said this was driven by higher services and food inflation, partly reflecting seasonal effects associated with Chinese New Year.
On a month-on-month basis, headline inflation rose by 1 per cent in February, while core inflation was up by 0.5 per cent.
Content retrieved from: https://www.businesstimes.com.sg/singapore/singapore-s-inflation-rises-more-expected-february-core-inflation-3.6-headline-3.4.