Posted 3/25/2024, 6:58:22 AM
Core inflation hits 7-month high of 3.6% in February amid Chinese New Year spending boost
- Core inflation rose to 3.6% in February, highest since July 2023, partly due to Chinese New Year spending
- Services and food inflation increased due to seasonal effects of Chinese New Year
- Headline inflation also rose to 3.4% due to higher accommodation costs
- Core inflation expected to moderate over rest of year as import cost pressures decline
- Government providing support like CDC vouchers and GST voucher top-ups to help with cost-of-living
