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Singapore Inflation Rises Slightly In September

Singapore’s consumer price inflation rose slightly in September, while core inflation decelerated more than expected, data released by the Monetary Authority of Singapore and the Ministry of Trade and Industry revealed on Monday.

Consumer prices posted an annual growth of 4.1 percent after climbing 4.0 percent in August. The rate matched economists’ expectations.

The acceleration reflects a pickup in private transport inflation which more than offset the decline in core and accommodation inflation.

By contrast, core inflation slowed to 3.0 percent from 3.4 percent in August largely due to lower inflation for food and retail and other goods. This was also below economists’ forecast of 3.1 percent.

Month-on-month, core consumer prices edged up 0.1 percent in September and overall consumer prices increased 0.5 percent, data showed.

Overall inflation is forecast to rise further in the coming months as a result of higher COE premiums. Inflation is expected to average around 5 percent, and MAS core inflation around 4 percent this year. In 2024, headline inflation is projected to average 3.0-4.0 percent.

Core inflation is forecast to edge down to between 2.5-3.0 percent by December.

Despite an increase in the GST rates as well as seasonal effects in early 2024, the core rate will resume a broadly moderating trend over 2024, as import cost pressures soften and tightness in the labor market continues to ease.

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