Singapore’s MAS core inflation rises to 5.3% in September

SINGAPORE, Oct. 25 (Xinhua) — The Ministry of Trade and Industry (MTI) and the Monetary Authority of Singapore (MAS) announced on Tuesday that the MAS core inflation rate rose to 5.3% year-on-year from September. . 5.1% in the previous month.

Meanwhile, CPI-All Items inflation was 7.5% y/y in Sep, unchanged from Aug.

Singapore’s MAS core inflation rate excludes accommodation and private transportation costs, while CPI-All Items inflation represents the increase in the consumer price index (CPI) for all items.

According to MTI and MAS, the rise in core inflation in September this year was due to significant increases in food prices, service prices, retail and other commodity prices. CPI-All Items inflation remained the same as higher core and accommodation inflation was offset by lower private transport inflation.

Month-on-month, Singapore’s MAS Core CPI and CPI-All Items increased by 0.5% and 0.4% respectively.

Both officials said core inflation is projected to continue rising over the next few quarters as the current tight domestic labor market eases and global inflation eases, although there will be more clarity in the second half of 2023. expected to slow to Full-year 2022 Singapore’s CPI-All Items inflation rate is expected to average around 6%, while MAS core inflation is expected to average around 4%.

In 2023, taking into account all factors, including the Goods and Services Tax (GST) hike, CPI-All Items inflation and MAS Core inflation will average 5.5-6.5% and 3.5-4.5% respectively. Predicted. Excluding the one-time impact of the GST hike, CPI-All Items inflation and MAS core inflation are expected to be 4.5-5.5% and 2.5-3.5%, respectively.

Both officials said there were upside risks to the inflation outlook, including new shocks to global commodity prices and longer-than-expected external inflation.