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In view of Khoon Goh, analyst at ANZ, Singapore’s lower than expected MAS Core Inflation print, which eased to 1.5% y/y in February from 1.7% the month before, cements the case for a pause at the upcoming MAS April review, in their view.

Key Quotes

“Alongside economic growth slowing towards trend and the US Federal Reserve signalling a pause in their hiking cycle, there is no pressing need for the MAS to further tighten policy at this stage.”

“While a tight labour market could still see inflation pressures emerge, this is not evident, especially in the costs of services. Lower prices for electricity and gas in the coming quarter look set to keep core inflation manageable.”