Singapore inflation rate decreased from 6.3% in February 2023 to 5.5% in March 2023. As food prices increased at their slowest rate in three months (7.7% vs. 8.1% in February), it was the lowest number since April 2022 and slightly below market expectations of 5.6%. Additionally, costs decreased for housing (5.2% vs. 5.3%), mostly rental housing, transportation (6.2% vs. 9.7%), apparel (6.3% vs. 7.1%), and housing (5.2% vs. 5.3%). Education (2.9%), miscellaneous goods & services (2.6%), recreation & culture (6.9%), home durables & services (2.7%), and education had stable inflation. The nation’s annual core inflation rate decreased to 5.0% in March from 5.5% in the two preceding periods, which was the highest level since November 2008.
Singapore Inflation Rate
The Consumer Price Index’s two most significant subcategories in Singapore are housing (25%) and food (21%). The following sectors are also represented in the index: transportation (17%), leisure & culture (8%), education (7%), healthcare (7%), communications (4%), clothing & footwear (2%), miscellaneous goods & services (5%), and household durables & services (5%).
- Actual – 5.50
- Previous – 6.30
- Highest – 34.30
- Lowest – -3.10
- Dates – 1962 – 2023
- Unit – percent
- Frequency – Monthly
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- Singapore Inflation Rate at 11-Month Low
Singapore’s annual inflation rate decreased from 6.3% in February 2023 to 5.5% in March 2023. As food prices increased at their slowest rate in three months (7.7% vs. 8.1% in February), it was the lowest number since April 2022 and slightly below market expectations of 5.6%. Additionally, costs decreased for housing (5.2% vs. 5.3%), mostly rental housing, transportation (6.2% vs. 9.7%), apparel (6.3% vs. 7.1%), and housing (5.2% vs. 5.3%).
- Singapore Inflation Rate Lowest in 9 Months
In February 2023, Singapore’s annual inflation rate decreased to 6.3% from 6.6%, which was below market predictions of 6.45%. Due to the decrease in transportation prices (9.7% vs. 11.9% in January), particularly those of transportation services, it was the lowest reading since May 2022. See more articles about Blogs Experience
- Singapore Inflation Rate Edges Higher in January
Despite falling short of market expectations of 7.1%, Singapore’s annual inflation rate increased slightly from December’s 7-month low of 6.5% to 6.6% in January 2023. Food prices increased by 8.1%, the most in over 14 years, following a 7.5% gain in December. The cost of housing also increased (5.4% vs. 5.5% in December), primarily due to accommodation; as did the cost of transport (11.9% vs. 12.7%), largely linked to private transport; clothing (6.9% vs. 6.0%); household durables & services (2.8% vs. 2.0%); recreation & culture (6.7% vs. 7.5%), Core consumer prices increased by 5.5% yoy in January, the biggest since November 2008, following a 5.1% increase in December.
