The S&P Global Singapore PMI eased to 56.7 in March 2026 from February’s near-record 59.2, but still signaled a 14th straight month of private sector expansion and remained well above its long-run average. Both output and new orders rose at softer rates, while buying activity slowed to a three-month low. Meanwhile, preproduction inventories rose rapidly, with the rate of accumulation accelerated to a pace not seen since data collection began more than 13 years ago. Hiring remained strong but moderated as backlogs accumulated less sharply. On prices, input cost inflation surged to a survey high, prompting firms to raise output charges at a substantial pace - slightly above February’s record - as businesses sought to protect margins by passing costs to customers. Finally, business sentiment held broadly steady and well above average, supported by strong pipelines and expectations of firmer demand ahead.