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SINGAPORE: Singapore’s key consumer price gauge rose 5% in March, slightly lower than economists’ forecasts, official data shows.
The core inflation rate, which excludes private road transport and accommodation costs, rose 5% year-on-year (y-o-y) in March, lower than the 5.5% rise seen in February.
A Reuters poll of economists forecast a 5.1% increase in March.
The rate was driven by lower inflation for services, food, retail and other goods, according to a joint statement by the Monetary Authority of Singapore and the trade ministry.
Headline inflation was up 5.5% y-o-y in March, compared with a 5.6% increase seen in a Reuters poll.
Lee Ju Ye, an economist at Maybank Investment Banking Group, said the slowing was much more about last year’s high base from the conflict in Ukraine and its impact on food and energy prices.
“Accommodation costs seem to be peaking, while food and private transport costs will likely continue to ease from last year’s,” she said.
“We expect both headline and core inflation to gradually ease and do not expect MAS to further move in October.” — Reuters
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