Inflation in Singapore
Singapore - Inflation
Inflation hits highest level in nearly four years in March
Consumer prices increased 0.22% over the previous month in March, moderating from the 0.57% increase recorded in February. March’s lower reading was principally driven by falling food and beverage prices.
Inflation rose to 1.3% in March from February’s 0.7%, thus marking the highest inflation rate since May 2017. As a result, the annual average variation of consumer prices edged up to minus 0.1% in March (February: -0.2%), while core inflation came in at 0.5% in March from February’s 0.2% increase.
Commenting on the outlook for inflation in 2021, Barnabas Gan, economist at United Overseas Bank, sees higher albeit restrained inflationary pressures ahead:
“The balance of risk for inflation in 2021 is tilted to the upside on the back of the reflation environment–defined as the return to global economic growth after the Covid-19-induced recession in 2020. On the flip side, the uncertainties surrounding Covid-19 and the negative impact it has on economic growth could cap price pressures. Covid-19 infections across Singapore’s key trading partners may continue to cap import price pressures and inject headwinds to overall external inflation. On the domestic front, the continued slack in Singapore’s labour market will likely cap wage pressures as well.”
FocusEconomics Consensus Forecast panelists expect inflation to average 1.1% in 2021, which is up 0.2 percentage points from the previous month’s forecast. In 2022, our panel expects average inflation of 1.3%.
Singapore - Inflation Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Inflation Rate (CPI, annual variation in %) | -0.5 | -0.5 | 0.6 | 0.4 | 0.6 |
Singapore Inflation Chart
Source: Singapore Department of Statistics and FocusEconomics calculations.
Singapore Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.74 | 1.39 % | Dec 31 |
| Exchange Rate | 1.34 | -0.01 % | Jan 01 |
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Economic News
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Singapore: Inflation hits highest level in nearly four years in March
April 23, 2021
Consumer prices increased 0.22% over the previous month in March, moderating from the 0.57% increase recorded in February.
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Singapore: Non-oil exports surge in March
April 16, 2021
Non-oil domestic exports (NODX) grew 12.1% year-on-year in March (February: +4.2% yoy).
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Singapore: Economy returns to growth for first time since start of pandemic in Q1
April 14, 2021
The economy expanded 0.2% year-on-year in the first quarter according to an advanced estimate, marking a return to growth after three consecutive quarters of falling activity (Q4 2020: -2.4% yoy).
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Singapore: MAS holds monetary policy steady in April
April 14, 2021
At its 14 April meeting, the Monetary Authority of Singapore (MAS) left its monetary policy unchanged at the level implemented at the outset of the Covid-19 pandemic in March 2020.
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Singapore: Manufacturing and electronics PMIs in expansionary territory in March
April 6, 2021
The Purchasing Managers’ Indices (PMIs)—produced by the Singapore Institute of Purchasing and Materials Management (SIPMM)—for the manufacturing and electronics sectors had divergent months in March, but both remained in expansionary territory as the two sectors continued to gradually recover after falling to the lowest levels in over a decade in April 2020 due to the coronavirus pandemic. The manufacturing PMI rose slightly to 50.8 in March from 50.5 in February, thus moving further above the 50-point threshold that separates expansion from contraction in the sector and marking the ninth consecutive month of expansion in the manufacturing sector.
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