Senior Economist at UOB Group Alvin Liew reviews the latest release of inflation figures in Singapore.
Key Takeaways
Singapore’s headline CPI inflation eased further to 4.1% y/y (-0.2% m/m NSA) in Jul, from 4.5% y/y (0.5% m/m NSA) in Jun, coming off in line with our expectations (UOB est 4.1% y/y) but slightly missing market expectations (Bloomberg est 4.2%). Core inflation (which exclude private road transport and accommodation) also eased by a similar magnitude, coming in at 3.8% y/y (0.2% m/m) in Jul, from 4.2% y/y in Jun and exactly in line with Bloomberg’s median estimate, but slightly above ours (UOB est: 3.7%). This was the lowest y/y headline inflation print since Jan 2022 (4.0% y/y) and the lowest core inflation since Mar 2022 (3.6% y/y).
Our Inflation Outlook – The moderation in the pace of headline and core inflation remained in line with our projections for the latest month. As such, we remain comfortable for our current forecasts; headline inflation to average 4.7% while core inflation to average 4.0% in 2023. Excluding the 2023 GST impact, we expect headline inflation to average 3.7% and core inflation to average 3.0% in 2023, both still above the “standard” 2% objective
إخلاء المسؤولية: الآراء الواردة هنا تعبر فقط عن رأي الكاتب، ولا تمثل الموقف الرسمي لـ Followme. لا تتحمل Followme مسؤولية دقة أو اكتمال أو موثوقية المعلومات المُقدمة، ولا تتحمل مسؤولية أي إجراءات تُتخذ بناءً على المحتوى، ما لم يُنص على ذلك صراحةً كتابيًا.
