Singapore Feb inflation seen higher on Lunar New Year

Singapore Feb inflation seen higher on Lunar New Year

SINGAPORE - Singapore's consumer price index likely climbed 4.1 per cent year-on-year in February, compared with a rise of 3.6 per cent in January, according to a Reuters poll, due to higher food prices during the Lunar New Year holidays.

The core inflation measure, which excludes the cost of housing and road transport since these are more dependent on government policies, probably rose by 1.6 per cent year-on-year compared with January's 1.2 per cent.

The Lunar New Year holiday started on Feb 10 this year. Last year, the festivities began on Jan 23.

Singapore's official forecast is for headline inflation of between 3.5 and 4.5 per cent this year, while the latest central bank survey shows economists expect 2013 inflation easing to 3.8 pct from 4.6 pct in 2012.

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