Singapore: Inflation rises again in March
April 23, 2012
In March, consumer prices added 0.8% over the previous month, which contrasted the 0.3% price drop tallied in February. Higher prices for transport, in particular private transport, as well as for clothing and footwear were the main drivers behind the monthly increase. Owing to the vigorous monthly print, annual inflation jumped from 4.6% in February to 5.2% in March, which exceeded market expectations that had inflation edging up to 4.7%. Annual average inflation, however, remained stable at 5.2% for a third month in a row. The Monetary Authority of Singapore's (MAS) annual core inflation measure, which excludes the costs of accommodation and private road transport, inched down from 3.0% in February to 2.9% in March. The MAS recently raised its inflation estimate one full percentage point to between 3.5% and 4.5% this year.