SINGAPORE (March 23): Singapore's key consumer price gauge rose 5.5% in February, unchanged from the previous month and lower than forecast, official data showed on Thursday (March 23).

The core inflation rate — which excludes private road transport and accommodation costs — compared with a forecast in a Reuters poll of economists for a 5.8% increase in February.

Lower prices for services were broadly offset in the core inflation data by higher prices for retail, as well as other goods and utilities, the Monetary Authority of Singapore said in a statement.

However, the inflation rate in February is still at the same level as in January, which was the fastest pace seen since November, 2008.

MAS has said core inflation was likely to stay at about 5% for the early part of 2023.

It has also projected a core inflation rate of between 3.5% to 4.5% in 2023, with headline inflation coming in at between 5.5% and 6.5%.

Headline inflation was up 6.3% year-on-year in February, compared with a forecast 6.45% increase in a Reuters poll.