Singapore's inflation rate hit an eight-month high in February because of the Lunar New Year festivities. Analysts expect inflation to be lower in March, mainly due to lower COE prices following new government measures. According to the Singapore Index of Inflation Expectations (SInDEx) prepared by MasterCard and the Sim Kee Boon Institute for Financial Economics (SKBI) at SMU, Singapore could see inflation fall to 4.12% this year.