Both core and overall inflation dipped from the previous month and came in well below analyst forecasts.
SINGAPORE - Singapore’s core inflation eased to 3.1 per cent in March compared to a year earlier, driven mainly by slower price rises in food and services.
Overall inflation, or the consumer price index for all items, slowed year on year to 2.7 per cent, from 3.4 per cent in February. The slowdown was largely due to a decline in private transport costs, in addition to lower core inflation. Compared to February, overall inflation dipped 0.1 per cent. Food inflation eased, mainly due to a smaller increase in the prices of non-cooked food, while services inflation moderated as airfares fell and holiday expenses rose at a slower pace, the Ministry of Trade and Industry and the Monetary Authority of Singapore said in their joint report..
MTI and MAS maintained their estimates for both core and overall inflation in 2024 at 2.5 per cent to 3.5 per cent. Although crude oil prices have risen in recent weeks, global prices for most food commodities, as well as intermediate and final manufactured goods, have continued to decline, they added.Budget 2024 relieves worries about cost of living, sets stronger foundation for country’s future: PM Lee
On the domestic front, increases in unit labour costs have slowed in tandem with the cooling labour market. Businesses are likely to continue passing through the earlier increases in labour and other business costs to consumer prices, albeit at a reduced pace.
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