Singapore: Inflation moderates in March
April 23, 2018
Consumer prices decreased 0.2% over the previous month in March, contrasting February’s 0.5% month-on-month increase. The result marked the third decrease on a month-on-month basis in four months. According to data released by Statistics Singapore, the drop in prices was primarily driven by lower prices for food, housing and utilities, and transport.
In March, inflation moderated to 0.2% from the prior month’s 0.5%, coming in below market expectations. Despite moderating inflation, annual average inflation was stable at the previous month’s reading of 0.5%.
Finally, the Monetary Authority of Singapore’s (MAS) core inflation measure, which omits the costs of accommodation and private road transport, also eased. Core inflation in March came in at 1.5%, down from 1.7% in February.
Singapore Inflation Forecast
FocusEconomics Consensus Forecast panelists expect inflation to average 0.9% in 2018, which is down 0.1 percentage points from last month’s estimate. For 2019, the panel sees average inflation of 1.3%.
Author: Jan Lammersen, Economist