In January, consumer prices soared 1.6% over the previous month. The reading came in well above the 0.2% rise registered in December and more than doubled the 0.7% increase tallied in January 2010. The monthly rise reflected higher prices for transport (+5.8% month-on-month) and housing (+2.7% mom), partly offset by lower prices for communication and recreation. Owing to the pronounced price increase, annual inflation jumped from 4.6% in December to 5.5% in January, overshooting market expectations and marking the highest level since November 2008. Annual average inflation followed suit, rising from 2.8% in December to 3.3% in January. The Monetary Authority of Singapore (MAS) conducts its monetary policy through management of the exchange rate, rather than interest rates. Monetary authorities last tightened their policy stance on 14 October, when they announced an increase in the slope of appreciation of the Singapore dollar, without changing the level at which the band is centered. Given recent spike in inflation, private sector analysts begin to foresee the MAS allowing the Singapore dollar to appreciate even further in an attempt to curb the recent acceleration in consumer prices. The MAS will meet in April to review its monetary policy setting.
Inflation rises to highest level in more than two years
February 23, 2011
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Singapore Economic News
October 24, 2016
In September, consumer prices stayed flat compared to the previous month, following the 0.5% increase recorded in August.
October 17, 2016
In September, non-oil domestic exports (NODX) dropped 4.8% from the same month last year, deteriorating from August’s flat result.
October 14, 2016
According to advanced estimates released by the Ministry of Trade and Industry on 14 October, GDP declined a sharp 4.1% in Q3 from the previous quarter at a seasonally adjusted annualized rate (SAAR), down from Q2’s revised 0.2% rise (previously reported: +0.3% quarter-on-quarter).
October 14, 2016
At its second scheduled semi-annual meeting of 2016, which took place on 14 October, the Monetary Authority of Singapore (MAS) decided to leave the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band unchanged at zero percent.
October 3, 2016
The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) picked up from 49.8 in August to a 15-month high of 50.1 in September.