Singapore's inflation rises again in April Inflation flared up again in April
As headline reading accelerated to a faster-than-expected 5.7% year-on-year.
Inflation rose again in April,
Singapore's headline inflation surprised to the upside in April,
Rising to 5.7% year-on-year, compared to expectations for an annual rise of 5.5%. The unexpected increase could be a sign that inflation
Things will get sticky in the coming months as robust domestic demand supports prices. Food prices declined month-on-month (7.7% vs. 7.1%), but entertainment and culture (6.8% vs. 7.6%),
Miscellaneous Goods and Services (3.1% vs. 3.0% vs. Service sector consumption). Such as transportation (8.6% vs. 6.2%). Core inflation remained unchanged at 5.0%.
Near term as price pressures remain Inflation surprise to stay MAS on notice The latest rise in inflation shows persistent price pressures that keep inflation high despite positive base effects.
April's inflation surprise is likely to put the Monetary Authority of Singapore (MAS) on alert after maintaining monetary accommodation at its last policy meeting.
Back in April, the MAS indicated that inflation
Would remain high in the coming months and raised its 2023 Inflation Forecasts were for 5.5-6.5%, so we won't see a huge surprise from growth today just yet. .
We expect inflation to stay elevated within the approaching months with the MAS likely wanting to maintain policy settings
to strike a balance between avoiding price pressures and providing support for the struggling economy.
Singapore’s financial institution maintains policy
Settings as growth slows Singapore’s economy Slowed within the first three months of 2023, contracting by 0.7% from the previous quarter.
Half-moon GDP eked out a 0.1% year-over-year gain but GDP growth took a substantial hit due to slowing global
The trade led to five consecutive months of contracting with domestic non-oil exports and industrial production.
Meanwhile, domestic economic activity
Appears to possess been weighed down by still elevated inflation,
With teethe Monetary Authority of Singapore kept policy adjustments in place after GDP growth exceeded expectations
In the first quarter, GDP fell by 0.7%. Singapore’s economy contracted 0.7% in the first three months of 2023 compared to the previous quarter.
With teethe Monetary Authority of Singapore kept policy adjustments in place after GDP growth exceeded expectations
GDP rose 0.1% year-on-year in the half-month
It led to five consecutive months of contraction in non-oil domestic exports and industrial production.
Meanwhile, it appears that domestic economic activity is beginning to be affected by high inflation
Recent calculations of core inflation were 5.5% per annum. The annual
growth rate should be between 0.5-2.5% annually given the two challenges facing Singapore,
But GDP growth was badly affected by the global slowdown.
It led to five consecutive months of contraction in non-oil domestic exports and industrial production.
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