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Singapore Inflation November 2023

Singapore: Inflation falls to over two-year low in November

Inflation eased to 3.6% in November, down from October’s 4.7%. November’s figure marked the lowest inflation rate since October 2021. The decline was broad-based, with reduced price pressures recorded for food, housing and utilities, and transport.

In addition, the trend pointed down, with annual average inflation coming in at 5.0% in November (October: 5.3%). Meanwhile, core inflation edged down to 3.2% in November, from October’s 3.3%.

Lastly, consumer prices dropped 0.17% in November over the previous month, swinging from October’s 0.20% increase. November’s result marked the weakest reading since July.

Analysts at Goldman Sachs commented on the outlook:

“We expect MAS core inflation to remain on a downward trajectory in 2024 […] within the MAS forecast range of 2.5%-3.5%. Risks to inflation remain skewed to the upside as a faster cyclical rebound could keep labor markets tighter, and wage growth faster-than-expected, risking core-inflation leveling off at still-elevated levels. […] As growth momentum improves from a weak base, and core inflation moderates amid the ongoing labor market re-balancing, we maintain our baseline expectation that the MAS will keep the SGD NEER policy band parameters unchanged at its January meeting.”

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