Singapore: April Inflation Heats Up But Still Slips Below Expectations

April headline inflation was steady at 5.4% while core inflation heated up to 3.3%

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Price pressures increase in April

Singapore’s headline inflation was recorded at 5.4%, flat on the previous month as price pressures remained elevated.  Meanwhile core inflation, the price gauge more closely monitored by the Monetary Authority of Singapore (MAS), breached the 3% level to reach 3.3% (from 2.9%). 

Supply chain challenges, slowing global trade and elevated commodity prices all filtered through to Singapore inflation readings.  Improving demand dynamics may have also contributed to inflationary pressures, with March retail sales blowing past expectations.  With supply chain issues not likely to abate any time soon, we expect price pressures to persist going into the second half of the year.

Price pressures likely to persist in the near term 

Source: Singapore Department of Statistics

Disclaimer: This publication has been prepared by the Economic and Financial Analysis Division of ING Bank N.V. (“ING”) solely for information purposes without regard to any ...

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