SINGAPORE – Singapore’s key consumer price gauge rose in March by its fastest pace in a decade, outpacing economist forecasts, driven by higher inflation for food and services, official data showed on Monday.
The core inflation rate — the central bank’s favoured price measure – rose to 2.9% in March on a year-on-year basis, the highest since March 2012. A Reuters poll of economists had forecast a 2.4% increase.
Headline inflation rose to 5.4%, the fastest since April 2012, compared with economists’ forecast of 4.7%.
Singapore’s central bank tightened its monetary policy earlier this month, making a double barrel move, as the city-state ramped up its battle against soaring prices made worse by the Ukraine war and global supply snags.
(Reporting by Aradhana Aravindan; Editing by Martin Petty)
