Singapore's Core Inflation Rises to 1.4% in February, Driven by Services and Food Prices

Singapore's core inflation rate rose to an annualized 1.4 percent in February, up from 1.0 percent in January.

According to official data released on Monday, the primary drivers for this increase were rising prices in the services sector and food items, with seasonal effects related to the Lunar New Year also contributing, it was stated.

A joint statement issued by the Ministry of Trade and Industry and the Monetary Authority of Singapore mentioned that the consumer price index also increased by 0.5 percent on a monthly basis.

The core consumer price index, which excludes housing and private transport costs, is considered a key indicator for measuring actual price increases in the economy. However, the overall inflation rate fell to 1.2 percent in February, down from 1.4 percent in January.

This indicates that while price increases rose in some sectors, inflationary pressure in the overall economy has not fully intensified, the report noted.