Singapore’s inflation remains high in 2023: Economists
Based on latest data from Singapore’s Ministry of Trade and Industry and Industry (MTI), many economists have forecasted that the country’s inflation will remain high in 2023, despite signs of reduction from global price pressures.
Singapore’s inflation remains high in 2023: Economists (Photo: VNA)
Singapore (VNA) – Base🀅d on latest data fromSingapore’s Ministry of Trade and Industry and Industry (MTI), many economistshave forecasted that the 🎃country’s inflation will remain high in 2023, despite signsof reduction from global price pressures.
In 2022, overall inflation came in at 6.1%, up from 2.3% ayear ago, while core inflation, which excluded accommodation and privatetransport, came in 4.1% year on year, an increase of 0.9% year on year. Singapore's overall inflation is forecast at 4.5-5.5% in2023, while core inflation is forecast at 2.5-3.5% after excluding impacts ofincrease in Goods and Services Tax (GST). Monetary Authority of Singapore (MAS) and the MTI have alsowarned about risks that could lead to high inflation rates being “persistentthan expected”, especially after China reopened its market. However, both MAS and the MTI are still optimistic about the secondhalf of the year. According to their scenario, the tightening of thedomestic labour market will be relaxed and global inflation will be moderate,thereby contributing to soften Singapore’s inflation./.
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Singapore’s inflation remains high in 2023: Economists (Photo: VNA) 
