Singapore March core inflation rises at fastest pace in a decade
People shop for vegetables at a wet market in Singapore on March 22, 2017.
PHOTO: Reuters
PUBLISHED ONApril 25, 2022 8:22 AM
SINGAPORE - Singapore's key consumer price gauge rose in March by its fastest pace in a decade, outpacing economist forecasts, driven by higher inflation for food and services, official data showed on Monday (April 25).
The core inflation rate — the central bank's favoured price measure - rose to 2.9 per cent in March on a year-on-year basis, the highest since March 2012. A Reuters poll of economists had forecast a 2.4 per cent increase.
Headline inflation rose to 5.4 per cent, the fastest since April 2012, compared with economists' forecast of 4.7 per cent.
Singapore's central bank tightened its monetary policy earlier this month, making a double barrel move, as the city-state ramped up its battle against soaring prices made worse by the Ukraine war and global supply snags.
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