March 23, 2022
SINGAPORE (Reuters) – Singapore’s February prices rose at the fastest pace in nine years due to higher private transport costs, while base prices fell for the first time since June last year, according to official figures on Wednesday.
Core inflation rose 4.3%, beating economists’ average forecast of 4.2%, according to the Singapore Monetary Authority (MAS).
The core inflation rate – the central bank’s favored price measure – rose to 2.2% year-on-year in February, down slightly from 2.4% the previous month. A Reuters poll by economists had predicted a 2.5% increase.
Selena Ling, head of treasury research and strategy at OCBC, said she expects key prices to remain high in the first half of the year.
“We see price pressure on a whole range of different products and services. “The tight labor market has not really changed much, so I think the pressure is still on MAS to tighten (interest rates) in April,” he said.
The MAS boosted monetary policy in January of this year, in its first out-of-cycle move in seven years, as global supply constraints and strong economic demand boosted inflationary pressures across the region.
The Singapore dollar fell marginally to S $ 1.3574 per dollar after the data was released.
The slight easing in core prices in February was due to lower inflation for services, food, electricity and gas, according to a statement from MAS.
(Report by Chen Lin in Singapore; Additional Report by Tom Westbrook; Edited by Uttaresh.V and Kanupriya Kapoor)
Singapore February capital prices rise by 4.3%, faster in nine years
Source link Singapore February capital prices rise by 4.3%, faster in nine years