SINGAPORE: Singapore's core inflation fell to 5 per cent year-on-year in March, the first time it has slowed since October 2022. The moderation in core inflation from
- the highest in 14 years - was driven by smaller increases in services, food, retail and other goods, said the Monetary Authority of Singapore and the Ministry of Trade and Industry on Monday .The 5 per cent figure in March is slightly lower than the 5.1 per cent a Reuters poll of economists had forecast.
Services inflation, which fell to 3.4 per cent from 3.9 per cent, moderated on the back of lower point-to-point transport fares. Electricity and gas inflation rose slightly to 12.2 per cent from 12.1 per cent, picking up on the back of a larger increase in electricity costsIn a note on the economic outlook, MAS and MTI said:"Global supply chain frictions have eased, and consumer goods inflation in the advanced economies has moderated.
For 2023 as a whole, headline and core inflation are projected to average 5.5 to 6.5 per cent and 3.5 to 4.5 per cent, respectively.
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