Singapore Core Inflation Remains at 5.5%

Singapore's key consumer price gauge rose 5.5% in February, unchanged from January and lower than forecast, official data showed on Thursday (23/3/2023), though while analysts said core inflation appeared to have peaked, prices remained at historic highs.

The monetary authority of Singapore (mas) said in a statement, that lower prices for services were broadly offset in the core inflation data by higher prices for retail, as well as other goods and utilities.

However, the inflation rate in february is still at the same level as in January, which was the fastest pace seen since November 2008.

M-a-s has said, core inflation was likely to stay at about 5%, for the early part of 2023.

It has also projected a core inflation rate of between 3.5% to 4.5% in 2023, with headline inflation coming in at between 5.5% and 6.5%.