Singapore: Inflation inches up in March
April 24, 2014
In March, consumer prices rose 0.3% over the previous month, which contrasted the 0.1% fall recorded in February and marked the highest level since November 2013. According to Statistics Singapore, March's increase was mainly the result of higher prices for clothing and footwear, which offset lower prices for communication.
Annual inflation rose from 0.4% in February to 1.2% in March. The figure overshot the 1.1% the market had expected. Annual average inflation decreased from 1.8% in February to 1.6% in March.
The Monetary Authority of Singapore's (MAS) annual core inflation measure, which excludes the cost of accommodation and private road transport, rose from 1.6% in February to 2.0% in March.
The MAS expects average inflation to be between 2.0% and 3.0% in 2014. FocusEconomics Consensus Forecast panelists expect inflation to average 2.8% in 2014, which is down 0.1 percentage points from last month's estimate. For 2015, the panel sees average inflation at 3.0%.
Author: Dirina Mançellari, Senior Economist