Singapore: Inflation accelerates in February
March 25, 2013
In February, consumer prices rose 1.0% over the previous month, which was above the 0.2% increase observed in January. According to Statistics Singapore, prices increased the most in transport as well as in recreation.
As a result of the monthly reading, annual inflation accelerated from 3.6% in January to 4.9% in February, which was above market expectations that had inflation edging up to 4.1%. In fact, the reading represented the highest inflation level observed in eight months. That said, annual average inflation remained unchanged at 4.5% in February.
Meanwhile, the Monetary Authority of Singapore's (MAS) annual core inflation measure, which excludes the costs of accommodation and private road transport, rose from 1.2% in January to 1.9% in February.
The MAS expects average inflation to range between 3.5% and 4.5% in 2013. FocusEconomics Consensus Forecast panellists expect inflation to average 3.6% in 2013, which is unchanged from last month's estimate. For 2014, the panel sees average inflation at 3.2%.