February 23, 2024

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.

January 29, 2024

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.

January 23, 2024

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.

December 26, 2023

Singapore CPI Inflation 3.6% y-o-y (consensus 3.8%) in Nov-23

- Singapore's CPI inflation for November 2023 grew by 3.6% year-on-year, slightly below market consensus expectations of 3.8%, indicating a moderation in price growth.
- The current inflation rate is 1.46 percentage points lower than the average rate over the past year and 0.83 percentage points below the long-run average, suggesting an improving level of price stability in the Singaporean economy.