Singapore’s Core Inflation Declines 4.7% in May, prompting moderate outlook for inflation in H2 2023

Singapore’s core inflation fell to 4.7% y-o-y in May, declining from 5.0% in April.

A joint statement by MAS and MTI highlighted the decrease in inflation for services and food as the driving factor.

MAS expects further moderation in MAS Core Inflation in H2 2023 due to reduced imported costs and the easing of tightness in the labor market.

Singapore’s inflation to remain elevated in the short term, but expected to moderate in H2 2023

The Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry said that Singapore’s import prices have declined on year-on-year terms, easing global supply chain frictions.

However, unit labor costs are expected to rise further in the near term. Overall, MAS core inflation is expected to stay elevated in the next few months before slowing more discernibly in H2 2023.

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