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Singapore Inflation February 2023

Singapore: Inflation falls to lowest level since May 2022 in February

Inflation came in at 6.3% in February, down from January’s 6.6%. February’s reading marked the lowest inflation rate since May 2022. Looking at the details of the release, transport and housing prices rose at a softer pace. Meanwhile, the change in prices for food was largely steady in February.

Annual average inflation edged up to 6.5% in February (January: 6.3%). Meanwhile, core inflation was stable, coming in at January’s 5.5% in February.

Finally, consumer prices rose 0.56% in February over the previous month, after the 0.19% rise seen in January.

On the outlook, analysts at Nomura commented:

“We think the declines in the tourism-related [consumer price index] components are likely temporary and will eventually reverse course. As we have argued, the faster-than-expected border reopening in China will only add to travel demand, which will likely compound the impact of the supply-side constraints and still-tight labour markets. We think the remaining services items that are still being imputed will likely see higher readings ahead, as actual prices become incorporated, likely from 15 March when China announced that its restrictions on inbound travellers will be lifted.”

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