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Singapore’s Core Inflation Slowed to 3.2% YoY In November.

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Singapore's Core Inflation Slowed to 3.2% YoY In November.

(CTN News) – The official data released on Tuesday in Singapore Inflation revealed that the country’s main consumer price index (CPI) experienced a slowdown in November compared to the previous year.

The rate of inflation, as measured by the CPI, was 3.2%, which aligns with expectations and coincides with a def 3.0-4.0% for headline and 2.5-3.5% for core in 2024. This indicates that the authorities expect to remain within a decrease in the headline to 3.6%.

The Monetary Authority of Singapore (MAS) and the trade ministry issued a joint statement in response to the data, projecting an average rate orate range in the coming year.

Notably, core inflation, which excludes private road transport and accommodation costs, decreased from 3.3% in October.

This suggests that the slowdown in inflation is broad-based and not limited to specific sectors. Similarly, headline inflation declined from 4.7% in October and was lower than economists’ forecast of 3.8% in November.

The lower-than-expected figures have prompted the central bank to plan a review of its monetary policy settings next month.

This review comes as the central bank transitions from semi-annual to quarterly policy reviews, allowing for more frequent adjustments to monetary policy in response to changing economic conditions.

Overall, the data released on Tuesday indicates that inflationary pressures in Singapore are easing, which could have implications for the country’s monetary policy going forward.

The central bank will likely take these factors into consideration when making decisions on interest rates and other policy measures in the coming months.

According to the manufacturing data released on Tuesday, there was a 1.0% year-on-year increase in manufacturing output for the month of November.

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