Singapore’s Core Inflation Remains Steady at 5.1% in December, Averaging 4.1% in 2022

Data released on Wednesday (Jan. 25) by the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) showed that Singapore’s core inflation held steady at 5.1% for the third consecutive month in December, slightly higher than the expected 5%.

According to the MAS and MTI, the increase in retail prices and other commodities, including electricity and gas, was offset by higher inflation for food and services. In contrast, headline consumer prices, or overall inflation, were 6.5% in December, lower than the 6.7% in November, due to a slowdown in private transport inflation.

For 2022, core inflation is expected to average 4.1%, which is higher than the 0.9% in 2021. Overall inflation is also projected to be higher at 6.1%, compared to 2.3% in the previous year.

The MAS and MTI have stated that core inflation is expected to remain higher in the first half of the year before decelerating significantly in the second half, citing increased risks to trends such as global commodity prices.

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