Singapore Inflation Picks Up in March

(MENAFN) Singapore’s consumer prices saw a faster increase in March, largely pushed by rising transport and retail expenses, following an energy supply disruption linked to tensions in the Middle East, according to a release from Statistics Singapore on Thursday.

Overall headline inflation climbed to 1.8% year-on-year in March, up from 1.2% in February, as price pressures strengthened across private transport, retail categories, and various goods and services.

Core inflation, which strips out accommodation and private transport to better reflect household spending patterns, also ticked higher to 1.7% in March compared with 1.4% in the previous month.

The most significant jump was recorded in private transport costs, where inflation surged to 6.6% year-on-year from 2.4% in February. This increase was mainly driven by higher fuel prices that pushed up overall transportation expenses.

Retail and other goods also experienced a faster rise, with inflation reaching 1.8% in March from 0.6% in February. This was largely due to sharper price increases in alcohol, tobacco, clothing, and footwear.

Meanwhile, services inflation inched up to 2.1% from 2% over the same period, supported by rising costs in point-to-point transport services as well as telecommunications.

Food inflation remained stable at 0.6% in March, as prices for non-cooked food items increased at the same steady pace as seen in February.

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