SINGAPORE - Singapore's key consumer price gauge rose five per cent in March, slightly lower than forecast, official data showed on Monday (April 24). The core inflation rate - which excludes private road transport and accommodation costs - rose five per cent year-on-year in March, lower than the 5.5 per cent rise seen in February. A Reuters poll of economists...
Shoppers wearing protective face masks cross a street in Singapore's Orchard Road shopping district during the coronavirus disease outbreak in Singapore on Aug 17, 2020.SINGAPORE - Singapore's key consumer price gauge rose five per cent in March, slightly lower than forecast, official data showed on Monday .
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. Lee Ju Ye, an economist at Maybank Investment Banking Group, said the slowing was much about last year's high base from the conflict in Ukraine and its impact on food and energy prices.
"We expect both headline and core inflation to gradually ease and do not expect MAS to further move in October."The MAS left its monetary policy settings unchanged in its review earlier this month, reflecting the concerns about its growth outlook and surprising economists, who had expected another round of tightening on elevated inflation.
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