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Monetary Authority of Singapore: Apr-24

• The Monetary Authority of Singapore (MAS) maintains the rate of appreciation of the S$NEER policy band to manage imported inflation and domestic economic pressures amid a nuanced global and local economic environment.
• Future policy decisions will be influenced by global economic conditions, domestic economic dynamics, and inflation trends, focusing on the anticipated easing of inflation by the end of 2024.
• MAS emphasizes its commitment to closely monitoring global and domestic developments, preparing to adjust policies as needed to ensure medium-term economic stability.

Singapore CPI Inflation 2.9% y-o-y (consensus 3.8%) in Jan-24

- Singapore's CPI inflation rate in January 2024 plummeted to 2.9% y-o-y from 3.7%, much lower than the consensus forecast for a slight rise to 3.8%.
- The inflation rate of is 1.62pp below the one-year average, indicating a period of easing price pressures. Most of the downside news was in the core.

Monetary Authority of Singapore: Jan-24

• MAS maintains the prevailing rate of appreciation of the S$NEER policy band, reflecting a strategic stance to counter imported inflation and manage domestic cost pressures amidst a strengthening Singapore economy projected to grow between 1–3% in 2024.
• The decision aligns with a nuanced inflation outlook, where MAS Core Inflation is expected to moderate gradually, influenced by lower imported costs, stable global commodity prices, and easing domestic wage growth.
• Despite the maintenance of the current policy band appreciation, MAS underscores its vigilance, ready to respond to both global and domestic economic developments and risks, ensuring a dynamic and responsive approach to future interest rate decisions.

Singapore CPI Inflation 3.7% y-o-y (consensus 3.5%) in Dec-23

- Singapore's CPI inflation in December 2023 exceeded expectations, reaching 3.7% year-on-year, reflecting a renewed rise in consumer prices.
- Despite the increase, the inflation rate remains below the one-year average, implying a sustained moderation of inflationary pressures in Singapore.