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Singapore Inflation February 2024

Singapore: Inflation picks up in February

Inflation rose to 3.4% in February, above January’s 2.9%. February’s figure represented the highest inflation rate since December 2023 and exceeded market expectations. The result was largely driven by rising prices for food and price pressures for housing and utilities growing at a faster rate. Part of those increases stemmed from the timing of the Lunar New Year in 2024.

The trend pointed down mildly, with annual average inflation coming in at 4.3% in February (January: 4.5%). Meanwhile, core inflation rose to 3.6% in February, from January’s 3.1%.

Lastly, consumer prices rose 1.05% in February over the previous month, contrasting the 0.67% drop recorded in January. February’s figure was the highest reading since March 2022.

ING analyst Nicholas Mapa said:

“Price pressures are expected to intensify in March, with the full impact of the recent Taylor Swift concert series likely to give both headline and core inflation an added boost. With inflation likely elevated in the near term, we expect the MAS to retain a hawkish hold for at least the first half of the year.”

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