Consumer price inflation in Singapore remained unchanged in April, following a dip to a 30-month low the previous month, as reported by the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry on Thursday.
The Consumer Price Index (CPI) increased by 2.7 percent year-over-year in April, consistent with March's growth. Economists had anticipated a slight decrease to 2.6 percent.
Core inflation also held steady at 3.1 percent in April. This stability was a result of higher inflation in electricity, gas, and retail and other goods, which balanced out lower inflation in services and food.
Year-over-year, retail and other goods prices accelerated by 1.6 percent, while private transport costs saw a 0.3 percent rebound.
Inflation for electricity and gas surged to 7.6 percent from 4.8 percent. In contrast, food inflation eased slightly to 2.8 percent from 3.0 percent.
According to the MAS, core inflation is expected to continue its gradual moderation throughout the year, driven by declining import cost pressures and an easing domestic labor market.
Domestically, unit labor costs are projected to increase at a slower rate as the labor market cools. Businesses are likely to pass on accumulated labor costs to consumers, albeit at a reduced pace.
For 2024, the MAS expects both headline and core inflation to average between 2.5 and 3.5 percent.
