SINGAPORE- Singapore’s key consumer price gauge rose 3.1 percent 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 percent forecast by a Reuters poll of economists and compared with 3.6 percent seen in February.
Headline inflation in March was up 2.7 percent from the same month last year, lower than the 3 percent 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 percent 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 percent , moderating from the 3.8 percent in 2022.
Singapore expects higher GDP growth at 1 percent to 3 percent this year but warned the economic outlook was mixed because of geopolitical risks.
