Singapore’s inflation rate accelerated in March, driven largely by rising transport and retail costs amid global energy disruptions linked to tensions in the Middle East, official data showed.
According to Statistics Singapore, headline inflation climbed to 1.8 percent year on year in March, up from 1.2 percent in February, reflecting broad price increases across several categories.
Core inflation, which excludes accommodation and private transport to better reflect household spending trends, also rose to 1.7 percent from 1.4 percent in the previous month.
The most significant increase was recorded in private transport, where prices surged 6.6 percent year on year compared with 2.4 percent in February. The rise was mainly attributed to higher fuel costs.
Retail and other goods also saw stronger inflation, rising to 1.8 percent from 0.6 percent, driven by higher prices for alcohol, tobacco, clothing and footwear.
Services inflation edged up to 2.1 percent, supported by increased costs in transportation services and telecommunications.
Food prices remained stable, with inflation unchanged at 0.6 percent, while non-cooked food costs continued at the same pace as the previous month.
Electricity and gas prices, however, declined by 4.3 percent year on year, unchanged from February.
The inflation data comes amid global energy market volatility following disruptions in the Middle East, where conflict has affected key shipping routes through the Strait of Hormuz, a critical corridor for oil and liquefied natural gas transport.
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