Financial News: Singapore Inflation Rises To 1.6%, Less Than Forecast

Singapore Inflation Rises To 1.6%, Less Than Forecast

12/23/2024 - 01:51:00 (RTTNews)

(RTTNews) - Singapore's consumer price inflation increased slightly in November after easing to more than a three-and-a-half year low in the previous month, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Monday.

The consumer price index rose 1.6 percent on a yearly basis in November, faster than the 1.4 percent increase in October. The expected inflation rate was 1.8 percent.

Meanwhile, core inflation softened further to 1.9 percent in November from 2.1 percent in October due to a moderation in food and services inflation.

The increase in overall inflation was driven by a more gradual decline in private transport costs, which outweighed the fall in core inflation.

The annual decline in private transport costs eased to 0.7 percent in November from 2.5 percent a month ago. Meanwhile, food inflation slowed to 2.4 percent from 2.6 percent.

Data showed that prices for retail and other goods increased at a stable rate of 0.1 percent. Similarly, electricity and gas inflation held steady at 2.5 percent.

MAS Core Inflation is expected to remain below 2 percent through to end-2024, while core inflation is projected to average 2.5-3.0 percent in 2024 as a whole, before stepping down further to 1.5-2.5 percent in 2025, the MAS said.

CPI-All Items inflation is expected to come in at an average 1.5-2.5 percent in 2025 amid an anticipated pickup in private transport inflation.

The MAS further added that risks to the inflation outlook are relatively balanced. Domestically, stronger-than-expected labor market conditions could lead to a slower easing in unit labor cost growth.

Rising geopolitical tension may be a concern for higher imported costs, while a significant downturn in the global economy could induce a greater easing of cost and price pressures.

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