1. The headline inflation rate remains unchanged at 0.9%, while core inflation fell from 0.6% to 0.5%.

2. The inflation figures are released against the backdrop of Singapore preparing for the general election on May 3, with campaigning beginning on Wednesday as candidates file their nomination papers.

3. Prime Minister Lawrence Wong stated in a video on Tuesday that the pressure of living costs is a “real concern” for Singapore.

Singapore's inflation in March remained at its lowest level in over four years, with the city's consumer price index rising by 0.9% year-on-year.

The Monetary Authority of Singapore stated that the rising costs of food and personal transport in March primarily contributed to the inflation.

March inflation was lower than the expectations of a Reuters survey at 1.1% and equal to the 0.9% in February. On a month-to-month basis, CPI decreased by 0.1% in March. Core inflation — excluding personal transport and accommodation costs — slowed to 0.5% compared to 0.6% in February. This is due to lower inflation across all broad core CPI categories, except for food.

The inflation figures are released against the backdrop of Singapore preparing for the general election on May 3, with campaigning beginning on Wednesday as candidates file their nomination papers.

Prime Minister Lawrence Wong stated in a video on Tuesday that the pressure of living costs is a “real concern” for Singapore. “This is due to the wars in Europe and the Middle East, due to global supply chain disruptions, and now because of tariffs and trade wars,” Wong said.

Singapore has eased its monetary policy for the second consecutive time at the beginning of April, as the city considers the possibility of zero growth this year after announcing a lower-than-expected GDP growth of 3.8% in the first quarter. The latest figures give the country more room to loosen policy and stimulate growth.

Singapore's year-on-year GDP growth in the first quarter did not meet economists' expectations of 4.3% as surveyed by Reuters and is lower than the 5% growth in the fourth quarter of 2024.

The Ministry of Trade and Industry has lowered its GDP forecast to 0%-2% for 2025, down from the previous outlook of 1%-3% — MAS also forecasts GDP growth of 0%-2% for 2025.

In a statement, MTI indicated that the slowdown in growth was due to a decline in manufacturing, as well as some service sectors like finance and insurance.



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