SINGAPORE: Singapore's key consumer price gauge rose 3.1 per cent in March on a yearly basis, lower than economists' forecasts, official data showed on Tuesday.
The core inflation rate, which excludes private road transport and accommodation costs, was lower than the 3.5 per cent forecast by a Reuters poll of economists and compared with 3.6 per cent seen in February.
Headline inflation in March was up 2.7 per cent from the same month last year, lower than the 3 per cent forecast in the poll.
The central bank and the trade ministry in a joint statement pegged last month's decline in core inflation to lower food and services inflation.
While inflation has fallen from its peak of 5.5 per cent in January last year, it remains stubborn amid slowing economic growth and had reached a seven-month high in February.
For the whole of 2023, gross domestic product (GDP) grew 1.1 per cent, moderating from the 3.8 per cent in 2022.
Singapore expects higher GDP growth at 1 per cent to 3 per cent this year but warned the economic outlook was mixed because of geopolitical risks.
In April, the central bank left monetary policy settings unchanged in its second review of the year. It has increased the frequency of its reviews from twice a year to quarterly starting in 2024. - Reuters