Singapore: Inflation picked up pace in November – UOB

Pablo Piovano FXStreet

Barnabas Gan, Economist at UOB Group, assesses the latest inflation figures in Singapore.

Key Takeaways

“Singapore’s consumer prices rose at its fastest rate since February 2013 at 3.8% y/y (+1.0% m/m sa) in November 2021.”

“Similarly, Singapore’s core inflation accelerated to 1.6% in November 2021, the fastest gain since March 2019.”

“Official estimates for inflation have been revised up to account for the higher-than-expected rise in prices. According to the press release by the Monetary Authority of Singapore (MAS), headline inflation is ‘expected to come in at 2.3%’ in 2021, from a previous range outlook of “around 2.0%” as cited in October’s press release.”

“Given the elevated consumer prices seen year-to-date, we further upgrade our headline inflation outlook to 2.3% for 2021, while keeping our core inflation outlook unchanged at 1.0%.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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