Singapore: Inflation increases in November
Latest reading: Inflation inched up to 1.6% in November from October’s 1.4%, undershooting market expectations and the ASEAN average. Looking at the details of the release, transport prices rose in November after dropping in the previous month. That said, price pressures for food and non-alcoholic beverages eased.
The trend pointed down slightly, with annual average inflation coming in at 2.5% in November (October: 2.7%). Meanwhile, core inflation fell to 1.9% in November from October’s 2.1%.
Lastly, consumer prices rose 0.03% in November over the previous month, swinging from October’s 0.31% drop.
Panelist insight: Commenting on the reading, Nomura’s Euben Paracuelles and Charnon Boonnuch stated:
“Despite the strong growth outlook, the ongoing normalization in labour market tightness implies underlying inflation pressures should continue to moderate amid falling import price pressures.”