Singapore March core inflation rises at fastest pace in a decade

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People shop for vegetables at a wet market in Singapore

SINGAPORE (Reuters) – Singapore’s key consumer price gauge rose in March by its fastest pace in a decade, outpacing economist forecasts, driven by higher inflation for food and services, official data showed on Monday.

The core inflation rate — the central bank’s favoured price measure – rose to 2.9% in March on a year-on-year basis, the highest since March 2012. A Reuters poll of economists had forecast a 2.4% increase.

Headline inflation rose to 5.4%, the fastest since April 2012, compared with economists’ forecast of 4.7%.

Singapore’s central bank tightened its monetary policy earlier this month, making a double barrel move, as the city-state ramped up its battle against soaring prices made worse by the Ukraine war and global supply snags.

(Reporting by Aradhana Aravindan; Editing by Martin Petty)

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