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Singapore Inflation October 2023

Singapore: Inflation comes in at highest level since May in October

Inflation came in at 4.7% in October, which was up from September’s 4.1%. October’s result was above market expectations and represented the highest inflation rate since May. Stronger price increases for transport, and housing and utilities drove the uptick.

Nevertheless, the trend pointed down, with annual average inflation falling to a 14-month low of 5.3% in October (September: 5.5%). Meanwhile, core inflation rose to 3.3% in October from September’s 3.0%.

Finally, consumer prices rose 0.20% from the previous month in October, a smaller increase than September’s 0.50% rise. October’s result marked the weakest reading since July.

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