Singapore: full-year inflation forecast raised
The Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) have raised their full-year forecast for overall inflation to between 1 percent and 2 percent in 2021, up from the previous prediction of 0.5 percent-1.5 percent.
Illustrative image (Photo: Xinhua/VNA)Singapore (VNA) - The Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) have raised their full-year forecast for overall inflation to between 1 percent and 2 percent in 2021, up from the previous prediction of 0.5 percent-1.5 percent.
The forecast for core inflation was kept unchanged, at 0 percent to 1 percent.
The latest monthly consumer price data showed that overall inflation in June was 2.4 percent, the highest level in seven years. Consumer prices have now risen for six straight months.
However, core inflation, which excludes private transport and accommodation costs, was decreased to 0.6 percent in June, due mainly to the steeper decline in the cost of retail and other goods.
The two agencies said core inflation in Singapore will continue to gradually increase in the coming quarters, but the return to tighter measures under phase two will dampen the momentum in underlying inflation./.
The forecast for core inflation was kept unchanged, at 0 percent to 1 percent.
The latest monthly consumer price data showed that overall inflation in June was 2.4 percent, the highest level in seven years. Consumer prices have now risen for six straight months.
However, core inflation, which excludes private transport and accommodation costs, was decreased to 0.6 percent in June, due mainly to the steeper decline in the cost of retail and other goods.
The two agencies said core inflation in Singapore will continue to gradually increase in the coming quarters, but the return to tighter measures under phase two will dampen the momentum in underlying inflation./.
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