Selangor Journal
Shoppers wearing protective face masks cross a street in Singapore’s Orchard Road shopping district during the Covid-19 outbreak in Singapore, on August 17, 2020. — Picture by REUTERS

Singapore’s December core inflation rises 5.1 per cent

SINGAPORE, Jan 25 — Singapore’s key consumer price gauge rose 5.1 per cent in December, slightly higher than forecast, official data showed on Wednesday.

The core inflation rate — which excludes private road transport and accommodation costs — was unchanged from the 5.1 per cent rise in November. A Reuters poll of economists had forecast a 5 per cent increase in December.

Headline inflation eased to 6.5 per cent year-on-year in December, from 6.7 per cent in November.

For 2022 as a whole, core inflation averaged 4.1 per cent, higher than the 0.9 per cent recorded in 2021. Meanwhile, headline inflation came in at 6.1 per cent last year, up from 2.3 per cent in 2021.

The central bank had earlier said core inflation was likely to stay at about 5 per cent for the early part of 2023.

It has also projected a core inflation rate of between 3.5 per cent to 4.5 per cent in 2023, with headline inflation coming in at between 5.5 per cent and 6.5 per cent.

— Reuters

 

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