SINGAPORE, April 23 (Xinhua): The Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) said on Friday that the MAS core inflation rose to 0.5 per cent on a year-on-year basis in March, from 0.2 per cent in February.
This was driven by higher services inflation, as well as smaller declines in the retail and other goods costs and in the electricity and gas costs.
Meanwhile, Singapore's CPI-All Items inflation came in at 1.3 percent on a year-on-year basis this March, compared to 0.7 per cent in February. The uptick reflected higher private transport inflation, in addition to the rise in core inflation.
Singapore's MAS core inflation excludes the costs of accommodation and private road transport, and CPI-All Items inflation represents the rise in the consumer price index for all items.
In March, Singapore's services costs grew 1.2 per cent, compared to the 0.5 per cent increase in the previous month.
The costs of retail and other goods declined 1.5 per cent, compared to the 1.9 per cent decrease in February. The costs of electricity and gas declined 9.7 per cent, compared to the 9.8 per cent decrease in the previous month.
The private transport costs rose 7.2 per cent in March, compared to the 4.2 per cent increase in February.
MTI and MAS said that the MAS core inflation is expected to average 0-1 per cent in 2021, while the forecast range for CPI-All Items inflation is 0.5-1.5 per cent.
In another development, There were 39 new coronavirus cases confirmed as at Friday noon (April 23), taking Singapore's total to 60,943.
There were two community cases and one from migrant workers' dormitories, said the Ministry of Health (MOH).
There were also 36 imported cases, including 16 permanent residents and six foreign domestic workers, who had been placed on stay-home notice on arrival in Singapore. - Xinhua