Singapore (VNA) - Singapore's core consumer prices in November 2022 rose 5.1% year on year, according to a report by the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI).
The figure was unchanged from October, which marked the first dip since February 2022. September’s rate was 5.3%.
Core inflation excludes costs of private transport and accommodation and reflects the expenses of Singapore households more accurately.
November’s headline consumer price index (CPI), or overall inflation, also stayed flat from the previous month, at 6.7%, but it was slightly higher than the 6.5% forecast by analysts.
MAS and MTI said on December 23 that demand conditions in major economies have softened, while supply chain frictions continued to ease. Prices of energy and food commodities have come off the peaks reached earlier in 2022 but remained firm given ongoing supply constraints, they said.
Overall inflation is expected to average around 6% for the full year, while core inflation is projected to come in around 4%, unchanged from MAS’ October forecasts.
For 2023, the overall inflation forecast is also unchanged at between 5.5% and 6.5% with core inflation between 3.5% and 4.5%. These estimates take into account the upcoming increase in the goods and services tax.
Core inflation is expected to stay elevated in the next few quarters before slowing more discernibly in the second half of 2023 as the tight labour market here eases and global inflation moderates, said MAS and MTI./.
The figure was unchanged from October, which marked the first dip since February 2022. September’s rate was 5.3%.
Core inflation excludes costs of private transport and accommodation and reflects the expenses of Singapore households more accurately.
November’s headline consumer price index (CPI), or overall inflation, also stayed flat from the previous month, at 6.7%, but it was slightly higher than the 6.5% forecast by analysts.
MAS and MTI said on December 23 that demand conditions in major economies have softened, while supply chain frictions continued to ease. Prices of energy and food commodities have come off the peaks reached earlier in 2022 but remained firm given ongoing supply constraints, they said.
Overall inflation is expected to average around 6% for the full year, while core inflation is projected to come in around 4%, unchanged from MAS’ October forecasts.
For 2023, the overall inflation forecast is also unchanged at between 5.5% and 6.5% with core inflation between 3.5% and 4.5%. These estimates take into account the upcoming increase in the goods and services tax.
Core inflation is expected to stay elevated in the next few quarters before slowing more discernibly in the second half of 2023 as the tight labour market here eases and global inflation moderates, said MAS and MTI./.
VNA
