Asian shares slipped on Monday (Feb 27) as markets were forced to price in ever-loftier peaks for US and European interest rates, slugging bonds globally and underpinning the dollar near multi-week highs.

Oil prices kept to a tight range on Monday amid persistent concerns over high inflation and rising U.S. interest rates, while traders awaited more cues on demand from key Chinese economic readings this week.

The dollar was on the front foot on Monday, hovering near a seven-week peak after a slew of strong U.S. economic data reinforced the view that the Federal Reserve will have to raise interest rates further and for longer.

Singapore's key consumer price gauge rose 5.5% in January, the fastest pace in more than 14 years but slightly lower than forecast, leaving analysts spilt over the direction of the central bank's monetary policy this year.

British retail sales held steady in February after falling in January but stores expected sales volumes to slip again in March as the rising cost of living eats away at disposable incomes.

Euro zone inflation was only a touch higher in January than earlier estimated, Eurostat said on Thursday, confirming that price growth is now well past its peak, even if underlying price pressures still show no signs of abating.