Economic news

Singapore Sept core inflation at 2.8% y/y

2024.10.23 01:32

By Xinghui Kok

SINGAPORE (Reuters) – Singapore’s key consumer price gauge rose 2.8% in September from a year earlier, higher than economists’ forecasts, official data showed on Wednesday.

The core inflation rate, which excludes private road transport and accommodation costs, compared with a 2.7% forecast in a Reuters poll of economists and the 2.7% rate in August.

Headline inflation in September was up 2.0% from the same month last year, higher than the 1.9% forecast in the poll.

Core inflation has tapered from a peak of 5.5% in early 2023, and hit a 2-1/2 year low of 2.5% in July.

Earlier this month, the central bank left monetary policy settings unchanged, as an official advance estimate showed economic growth perked up to an annual 4.1% in the third quarter.

© Reuters. People wearing protective face masks cross a street, amid the coronavirus disease (COVID-19) outbreak, in Singapore July 14, 2020. REUTERS/Edgar Su/ File Photo

The Monetary Authority of Singapore (MAS) said then it expected growth to be at the upper end of the trade ministry’s adjusted GDP growth forecast range of 2.0% to 3.0% for 2024.

The next scheduled review of monetary policy is in January.



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