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Singapore Inflation December 2023

Singapore: Inflation rises more than expected in December

Inflation inched up to 3.7% in December, above November’s 3.6%. The uptick surprised markets on the upside. Looking at the details of the release, price growth for transport accelerated, outweighing a softer rise in prices for food.

However, the trend pointed down mildly, with annual average inflation coming in at 4.8% in December (November: 5.0%). Meanwhile, core inflation rose to 3.3% in December, from the previous month’s 3.2%.

Lastly, consumer prices rose 0.38% in December over the previous month, contrasting the 0.17% drop logged in November.

Goldman Sachs analysts Rina Jio and Jonathan Sequeira commented on the outlook:

“While [January’s] inflation surprise skews the balance of risks around MAS policy in a marginally more hawkish direction, our baseline scenario remains that the MAS will keep its monetary policy parameters unchanged at its next meeting on 29 January. We still expect core inflation to continue its easing trajectory after a temporary increase in January 2024 on the back of the 1pp GST hike.”

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