Singapore's Inflation Report

By Xinghui Kok
SINGAPORE (Reuters) – Singapore's key consumer price gauge rose 2.8% in September from a year earlier, exceeding economists' forecasts, according to official data released on Wednesday.

The core inflation rate, which excludes private road transport and accommodation costs, registered a 2.8% increase compared to a 2.7% forecast in a Reuters poll of economists and the previous 2.7% rate in August.

Headline inflation in September rose 2.0% year-on-year, surpassing the 1.9% forecast in the poll.

Core inflation has decreased from a peak of 5.5% in early 2023, reaching a 2-1/2 year low of 2.5% in July.

Earlier this month, the central bank maintained its monetary policy settings, noting that an advance estimate showed economic growth increased to an annual 4.1% in the third quarter.

The Monetary Authority of Singapore (MAS) indicated it anticipates growth to be at the upper end of the trade ministry's revised GDP growth forecast range of 2.0% to 3.0% for 2024.

The next scheduled review of monetary policy will occur in January.