Illustrative image (Photo: AFP) Hanoi (VNA) – Singapore’s core inflation, exclusive of private transport and accommodation costs, rose 5% year on year in March, lower than the 5.5% recorded in February and experts’ estimate of 5.1%.
According to the Ministry of Trade and Industry (MTI) and the Monetary Authority of Singapore (MAS), it is the first time the core inflation has slowed since last October.
They said the moderation was driven by smaller increases in prices of services, food, retail and other goods. Headline inflation came in at 5.5% year on year in March, lower than a 5.6% increase in a Reuters poll.
In its report released on April 14, the MAS decided to maintain its monetary policy after five consecutive tightenings since October 2021, citing the increasing global growth risks and a tendency for easing inflation.
The MAS also forecast that core inflation will still ease in the coming months, but will gradually drop in the second half of this year and decrease sharply in the end-of-year period.
It also predicted that core inflation will stand at 3.5- 4.5% on average and headline inflation is expected to be at 5.5-6.5% this year./.
