Chart of the Day: Here are Singapore's 2 biggest inflation drivers

February inflation jumped to 4.9%.

According to Nomura, in line with the weaker-than-expected growth momentum, underlying inflation pressures are also likely easing, beyond the significant effects of recent administrative measures.

On a headline basis, CPI inflation jumped to 4.9% y-o-y in February from 3.6% in January, exceeding expectations (Consensus: 4.1%; Nomura: 3.9%).

This uptick was mainly driven by higher food (2.3% y-o-y from 1.0% in January) and transportation costs (13.9% from 8.5% in January).

Here's more from Nomura:

While the former was expected owing to the lunar new year falling in February this year versus January last year, we underestimated the impact of the latter.

Transportation costs were pushed higher by private road transport costs, which increased sharply by 17.4% y-o-y in February from 10.5% in January, despite the fall certificate of entitlement (COE) prices in February2.

According to the press release, this was “due to the spike in COE premiums in January, which was exacerbated by the low base a year ago when premiums declined”, suggesting that COE prices affect CPI inflation with a lag.

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