Singapore Inflation Climbs to 1.8 Percent on Transport, Retail Surge
Headline inflation climbed to 1.8% year-on-year in March, up from 1.2% in February, as price pressures intensified across private transport, retail, and other goods and services.
Core inflation — which strips out accommodation and private transport costs to provide a cleaner reading of everyday household spending — also ticked upward to 1.7% in March from 1.4% the previous month.
The most dramatic surge came from private transport, where inflation rocketed to 6.6% year-on-year from just 2.4% in February, driven primarily by a steep rise in petrol prices that cascaded through related costs.
Retail and other goods inflation more than doubled, jumping to 1.8% in March from 0.6% in February, as prices for alcohol and tobacco climbed alongside steeper costs for clothing and footwear.
Services inflation edged marginally higher to 2.1% from 2.0% over the same period, underpinned by rising fares for point-to-point transport services and higher telecommunications costs.
Food inflation held steady at 0.6% in March, with non-cooked food prices rising at an unchanged pace from the month prior.
In a rare bright spot, electricity and gas prices declined 4.3% year-on-year in March — matching the rate of decrease recorded in February.
The figures arrive against the backdrop of a severe regional energy shock triggered by the Iran conflict, which severely disrupted flows through the Strait of Hormuz — a critical conduit for global crude oil and liquefied natural gas trade. Brent crude initially surged toward $120 a barrel following the waterway's effective closure before stabilizing at around $100, with persistent shipping restrictions continuing to keep supply anxieties elevated despite a ceasefire now in place.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
