In October, consumer prices increased 0.5% over the previous month, which was above the 0.1% rise registered in September. The monthly reading was driven by higher prices for housing (+0.5% month-on-month) and transport (+0.8% mom), which partially offset lower prices for communication (-0.8% mom). Despite the monthly price increase, annual inflation stepped down to 3.5%, after having reached the highest level observed since the end of 2008 (September: 3.7% year-on-year). The moderation seen in October surprised market analysts, who had expected annual inflation to remain unchanged at 3.7%. Annual average inflation rose for the seventh consecutive month in October, increasing to 2.0% from 1.6% in September. The Monetary Authority of Singapore (MAS) conducts its monetary policy through the management of the exchange rate, instead of using interest rates. Monetary authorities last tightened their policy stance on 14 October, when they announced they would widen the Singapore dollar policy trading band and increase its slope without changing the level at which the band is centered. Monetary authorities expect inflation to range between 2.5% and 3.5% this year. Consensus Forecast panellists anticipate inflation to average 2.9% this year. For 2011, the panel expects average inflation to remain unchanged at 2.9%, which is up 0.1 percentage points from last month's estimate.
Inflation unexpectedly moderates in October
November 24, 2010
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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.