Inflation in Singapore escalates, as prices of goods keep rising. Core inflation, which excludes accommodation and private transport costs, jumped to 2.1 percent last month on a year-on-year basis, the highest since July 2014, and higher than 1.6 percent in November, 2021.
Headline or overall inflation rose to 4 percent, up from 3.8 percent in the previous month and the highest since February 2013 when it surged 4.9 percent.
Given the recent stronger-than-projected inflation out-turns, the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) said they are reviewing their current 2022 forecasts for both overall inflation and core inflation.
Analysts, however, do not expect double-digit inflation in Singapore or elsewhere. They also do not see the current magnitude of price increases as a threat to the economic recovery.