SINGAPORE, April 23 (Xinhua) -- Singapore's consumer price index (CPI) inflation rose to 1.2 percent in March from the four- year low of 0.4 percent in February, the Department of Statistics said Wednesday.
The rise, which was slightly higher than market estimates, was attributable to higher food and healthcare costs and a smaller year-on-year drop in the cost of private transport.
Transport costs fell 2.1 percent from a year ago, but they were 0.8 percent higher compared with that in February.
The Monetary Authority of Singapore's core inflation measure, which excludes accommodation and private road transport, rose 2 percent year on year in March. The Ministry of Trade and Industry said domestic cost pressures, particularly those stemming from the tight labor market, are likely to remain the primary source of inflation.
Car prices are expected to add negligibly to inflation for the whole of 2014, while imputed rentals on owner-occupied accommodation will likely stabilize given the large supply of newly-completed housing units. The headline inflation for the full year is projected to come in at 1.5 to 2.5 percent, while core inflation is expected to stay elevated at 2 to 3 percent.