Singapore’s inflation update:
Singapore’s headline and core inflation in April remained steady compared to the previous month and matched economists’ expectations, according to data released by the Department of Statistics on Thursday (May 23).
April’s headline inflation held steady at 2.7 percent, the same as in March, aligning with the median forecast by private-sector economists surveyed by Bloomberg.
The Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) reported that while private transport costs increased during the month, this was balanced by a decrease in accommodation inflation.
Core inflation, which excludes accommodation and private transport, remained unchanged at 3.1 percent, also meeting economists’ median estimates.
On a month-on-month basis, the overall consumer price index (CPI) rose by 0.1 percent in April, while the core CPI increased by 0.4 percent.
MAS and MTI upheld their full-year inflation forecasts, predicting that both headline and core inflation will average between 2.5 and 3.5 percent. Excluding the temporary effects of the goods and services tax hike, both headline and core inflation are expected to fall between 1.5 and 2.5 percent.
