The seasonally adjusted S&P Global Singapore Purchasing Managers' Index (PMI) posted 56.8 in February, marking the Singaporean private business condition's continued improving for 12 straight months, according to a statement by the S&P Global Tuesday.

New business activities grew at the fastest rate in nine months as demand conditions improved, S&P noted, adding that the transport, as well as the information and communication sector, saw the fastest rises in new sales and activity.

The input price inflation climbed to a 12-month peak in February due to higher transportation costs, alongside rising raw material and labor costs, according to the statement.

Selling prices also climbed at an elevated rate as the companies opted to share their increased cost burdens with clients, S&P added.

A PMI reading of 50 and above indicates expansion, while a reading below 50 indicates contraction.