Singapore

Inflation up by 0.7% in February

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Inflation was pushed by personal transport prices.

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The speed of worth enhance sped up once more in February by 0.7%, in accordance with newest authorities knowledge.

This can be a begin of a pattern of constructive headline inflation for 2021, following the 0.2% recorded in January.

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Non-public transport costs have been a key driver within the rise of headline inflation, selecting up by 4.2% in February.

Inflation within the companies sector reversed to 0.5% from the -0.3% recorded for a similar month final month as a consequence of increased tuition charges, dampened by a decline in outpatient service prices.

Meals inflation rose to 1.6% as a consequence of increased costs in non-cooked meals. Accomodation remained flat at a 0.5% price, the identical as January’s figures.

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Electrical energy and gasoline prices proceed to sink at a price of -9.8%.

The federal government expects costs to proceed to rise sooner or later.

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“In the quarters ahead, external inflation is likely to pick up amid the recovery in global oil prices. Notably, Brent crude oil prices have risen further since Q4 2020, supported by output cuts among OPEC+ members,” the Financial Authority of Singapore and Ministry of Commerce and Business stated in a joint assertion.

The companies anticipate value pressures to remain low domestically, as a consequence of subdued wage progress and business rents.

The Financial Authority is about to revise its forecast on the full-year headline inflation, given the “sharper-than-expected” worth will increase in non-core objects. It expects core inflation to fall between the 0-1% vary for the complete yr of 2021.




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