The Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) announced on Friday that the MAS core inflation on a year-on-year basis came in at 5.1 percent in November, unchanged from the previous month.
Meanwhile, the CPI-All Items inflation also remained unchanged in November relative to October, at 6.7 percent year on year.
Singapore’s MAS core inflation excludes the costs of accommodation and private transport, and CPI-All Items inflation represents the rise in the consumer price index (CPI) for all items.
According to MTI and MAS, the core inflation stayed unchanged because smaller increases in the services prices and the electricity and gas prices were broadly offset by a steeper pickup in the retail and other goods prices and the food prices.
The CPI-All Items inflation held steady as core inflation was unchanged while private transport and accommodation inflation moderated marginally.
On a month-on-month basis, Singapore’s MAS core CPI increased by 0.2 percent in November while CPI-All Items rose by 1 percent.
The two authorities reiterated that the core inflation is projected to stay elevated in the next few quarters before slowing more discernibly in the second half of 2023 as the current tightness in the domestic labor market eases and global inflation moderates.
