Singapore’s Headline, Core Inflation Fell to 3.6% and 3.2% Separately in November

The Business Times2023-12-26

Singapore’s headline and core inflation both eased in November, data from the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) showed on Tuesday (Dec 26).Headline ...

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romanc9
2023-12-26
romanc9
Then gov or bank should lower the interest rate..

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It was also lower than the 3.9 percent median forecast by private-sector economists polled by Bloomberg.The lower headline inflation was due to lower inflation for retal and other goods, food, as well as electricity and gas, said MTI and MAS.Core inflation, which excludes accommodation and private transport, also inched down to 3.2 percent, a tick lower than the 3.3 percent rise recorded the previous month, and in line with economists’ median estimate of 3.2 percent. This was on account of lower private transport inflation.On a month-on-month basis, headline inflation was down 0.2 percent in November, while core inflation up 0.1 percent.In their statement, MAS and MTI kept to their inflation outlook for the previous release, with headline inflation expected to average around 5 percent, while core inflation projected to come in at around 4 percent in 2023.In 2024, headline and core inflation are expected to average between 3 percent and 4 percent, and 2.5 percent and 3.5 percent respectively. Excluding the transitory effects of the upcoming goods and services tax (GST) hike to 9 percent in January, headline and core inflation are projected to come in at between 2.5 percent and 3.5 percent, and 1.5 percent and 2.5 percent respectively.The authorities said core inflation is expected to remain around current levels and should come in at the upper end of the 2.5 to 3 percent range at the year-end. 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