Barnabas Gan, Economist at UOB Group, assesses the latest inflation figures in Singapore.

Key Takeaways

“Singapore’s consumer prices rose at its fastest rate since February 2013 at 3.8% y/y (+1.0% m/m sa) in November 2021.”

“Similarly, Singapore’s core inflation accelerated to 1.6% in November 2021, the fastest gain since March 2019.”

“Official estimates for inflation have been revised up to account for the higher-than-expected rise in prices. According to the press release by the Monetary Authority of Singapore (MAS), headline inflation is ‘expected to come in at 2.3%’ in 2021, from a previous range outlook of “around 2.0%” as cited in October’s press release.”

“Given the elevated consumer prices seen year-to-date, we further upgrade our headline inflation outlook to 2.3% for 2021, while keeping our core inflation outlook unchanged at 1.0%.”