Singapore April core inflation at 3.1% y/y, matching forecasts

By Thomson Reuters May 23, 2024 | 12:02 AM

SINGAPORE (Reuters) – Singapore’s key consumer price gauge rose 3.1% in April on a yearly basis, in line with economists’ forecasts, official data showed on Thursday.

The core inflation rate, which excludes private road transport and accommodation costs, matched both the forecast in a Reuters poll of economists and the 3.1% reading in March.

Headline inflation in April was up 2.7% from the same month last year, a notch above a forecast of 2.6% in the poll.

While inflation has fallen from its peak of 5.5% in early 2023, it remains stubborn amid slowing economic growth and had reached a seven-month high in February.Core inflation was expected to stay on a gradual moderating trend and then step down more discernibly in the fourth quarter, the Monetary Authority of Singapore and Ministry of Trade and Industry said in a joint statement.”For 2024 as a whole, both headline and core inflation are projected to average 2.5–3.5%,” the statement said.

The central bank left monetary policy settings unchanged at a policy review in April. The next policy review is due in July.

(Reporting by Xinghui Kok; Ediitng by John Mair)