Singapore witnessed a significant uptick in core inflation rates this February, reaching a year-on-year high of 3.6%. This surge marks the most substantial inflation rate since July 2023 and is attributed in part to the increased spending during the Chinese New Year festivities.
Factors Driving the Inflation
The Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) have identified the rise in services and food inflation as the primary contributors to this inflationary pressure. The festive season, synonymous with heightened consumer spending, played a crucial role in this development, surpassing the 3.4% inflation forecast anticipated by economists surveyed by Reuters.
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