Singapore – Singapore overall inflation rate Growth fell to 1.4% in October from 2% in September, as car costs fell and rental price increases slowed.
The consumer price index also fell below the 1.8% forecast by economists polled by Reuters. This is the first time that Singapore’s overall inflation rate has fallen below 2% since March 2021, when the inflation rate was 1.3%.
Excluding accommodation and private transport prices, Singapore’s core inflation rate was 2.1%, down from 2.8% in September and below the 2.5% forecast in a Reuters poll.
The Monetary Authority of Singapore said this was due to slower inflation in the services sector and slower price increases for electricity, natural gas, pharmaceuticals and clothing.
After the inflation data was released, the Singapore dollar exchange rate was 1.34 against the US dollar, up 0.13%.
GDP growth accelerates
Unlike many other countries, Singapore does not use benchmark interest rates to set monetary policy.
Instead, the Monetary Authority of Singapore manages the exchange rate of the Singapore dollar to stabilize prices for goods and services and achieve healthy growth.
The Singapore dollar fluctuated against the currencies of the country’s trading partners within an undisclosed policy band. The HKMA can adjust the slope, width and level of the policy band.
On Friday, Singapore reported on its economy Annual increase of 5.4% The growth rate in the third quarter was higher than 4.1% Official advance estimate Released last month.
That marked the city-state’s highest quarterly growth since the fourth quarter of 2021, when it grew 6.1%, according to data compiled by London Stock Exchange Group (LSEG).
Singapore also raised its economic growth forecast for this year from “2.0% to 3.0%” to “around 3.5%”.
—CNBC’s Anniek Bao contributed to this report.
