Singapore’s consumer-price inflation rose to 4.1% in September, up from 4% in August, according to a report by the Department of Statistics. The increase was largely driven by a 6.3% annual rise in private transport costs, which accounts for 17.07% of the index weight. Meanwhile, housing and utility costs, comprising 24.84% of the index, saw a year-on-year rise of 3.7%, and food prices, with a 21.10% weighting, increased by 4.3%.
The Wall Street Journal survey had previously predicted a median increase of 4.2%. However, the core Consumer Price Index (CPI), which excludes private transport and accommodation costs, experienced an annual rise of 3.0%, marking a decrease from August’s figure of 3.4%.
Looking ahead to next year, the Monetary Authority of Singapore and the Ministry of Trade and Industry have released their inflation forecasts for 2024. Headline inflation is expected to range between 3-4%, while core inflation is predicted to sit within the 2.5-3.5% range.
For the remainder of this year, both institutions forecast an average headline inflation rate of approximately 5% and a core inflation rate of around 4%. These forecasts reflect the ongoing economic adjustments as Singapore navigates through the post-pandemic recovery period.
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