Singapore's inflation sharply accelerated to 1.2%

It exceeded analysts expectation.

According to OCBC, Mar CPI accelerated more than expected from Feb’s low 0.4% yoy (-0.1% mom nsa) to 1.2% yoy (+0.3% mom nsa), which is above expectations for 0.8% yoy (+0.2% mom nsa).

Notably, higher healthcare (+3.4% yoy amid higher medical health insurance costs), education & stationary (+2.9% as tuition & other fees rose), food prices (+2.9%, partly attributable to more expensive fruits and cooked hawker food), and recreation & others (+2.5% due to the excise duty hike for liquor, cigarette and tobacco products from 21 Feb) were the key drivers of the inflation pick-up in March.

Here's more from OCBC:

Looking ahead, we expect headline CPI inflation to cross the 2.5% yoy threshold from April and stay elevated for the rest of the year, but full-year inflation average should still hold to our 2% yoy forecast, which is within the official 1.5-2.5% forecast.

Note MAS core CPI rose 2.0% yoy (+0.2% mom), also ahead of our of +1.9% forecast, due to higher food price and services costs.

Given the MAS core CPI is currently already on a faster ascent trajectory as it does not benefit from the “negligible” impact of car price inflation and stabilization of imputed rentals, we tip that core inflation will also sustain above 2% from here and average 2.2% yoy
(official forecast: 2-3%).

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia