Consumer Price Developments – October 2022
Singapore’s Consumer Price Index (CPI)-All Items inflation fell to 6.7% year-on-year in October, from 7.5% in September. MAS Core Inflation also slowed to 5.1%, from 5.3% the month before.
Globally, supply chain frictions have continued to ease and demand conditions in major economies have softened. However, Singapore’s imported inflation is expected to remain significant for some time as the prices of energy and food commodities remain high globally, and labour markets in major advanced economies continue to be tight.
MAS Core Inflation is projected to stay elevated in the next few quarters before slowing more discernibly in the second half of 2023. Read the full report here: bit.ly/3UiMqab
The Government will continue to monitor the inflation situation closely, and will spare no effort to help Singaporeans cope with rising costs, especially through targeted relief for segments of the society that most need it.
