Singapore consumer prices logged a steady growth in November as lower inflation for services and electricity and gas was broadly offset by higher inflation for retail and other goods and food.
Consumer prices increased 6.7 percent on a yearly basis, the same pace of increase as seen in October, a joint statement from the Monetary Authority of Singapore and the Ministry of Trade and Industry showed Friday. Inflation remained above economists' forecast of 6.5 percent.
Similarly, MAS core inflation held steady at 5.1 percent, while the rate was seen easing to 5.0 percent.
Month-on-month, core consumer prices grew 0.2 percent, and overall consumer prices rose 1.0 percent.
Services cost rose at a slower pace of 3.6 percent and electricity and gas prices increased 16.7 percent annually. Food price inflation continued to accelerate, up 7.3 percent. Likewise, retail and other goods prices moved up 3.3 percent.
Core inflation is expected to remain elevated in the coming 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.
In 2023, headline and core inflation are projected to average 5.5-6.5 percent and 3.5-4.5 percent, respectively.
For 2022, overall inflation is expected to average around 6.0 percent, and MAS core inflation around 4.0 percent.
