Singapore: Core inflation falls to lowest level since 2021

Singapore’s inflation rate continued to decline last month, driven by slower increases in food, entertainment, and cultural services prices.

According to data released by the Department of Statistics Singapore, core inflation, which excludes housing and private transport prices, fell to 0.6% in February, down from 0.8% in January, marking a continued decline.

Analysts had expected 0.7%, marking the lowest level since June 2021. This marks the fifth consecutive monthly decline.

As for headline inflation, it fell to 0.9% in February, compared to 1% according to analysts’ expectations and 1.2% in January.

The Monetary Authority of Singapore (MoS), the central bank, lowered its core inflation forecast for the current year to between 1% and 2% annually, in a statement issued after its Monetary Policy Committee meeting last January. Previous forecasts indicated that the rate would range between 1.5% and 2.5%.