Singapore December core inflation at 1.8% y/y, lowest since November 2021

SINGAPORE () - Singapore's key consumer price gauge rose 1.8% in December from a year earlier, higher than economist forecasts and the lowest in more than three years, official data showed on Thursday.

The core inflation rate, which excludes private road transport and accommodation costs, was above the 1.7% forecast by a poll of economists and the 1.9% seen in November.

Headline inflation was 1.6% in annual terms in December, higher than economists' forecast of 1.5%.

Inflation has declined from a peak of 5.5% in early 2023 and December's rise is the smallest since November 2021, when it rose by 1.6%.

Lower inflation and higher growth have created room for the Monetary Authority of Singapore to ease monetary policy at its scheduled review on Friday, though analysts are split on whether the central bank would wait to assess the impact of U.S. President Donald Trump's policies.

Singapore's economy did better than expected in 2024 with 4% growth in advance estimates, after slowing to 1.1% in 2023 from 3.8% in 2022.

The MAS has not changed policy since a tightening in October 2022, which was the fifth in a row, as broader concerns about growth kept authorities sidelined.

It last eased policy in March 2020 as Singapore braced for a recession with COVID-19 spreading worldwide.

The trade ministry is expecting growth of 1.0% to 3.0% in 2025.

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