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Economic Indicator

23 Dec 2021

Singapore Headline Prices for Nov Rose by 3.8%, Fastest Pace in 9 Years

Singapore Headline Prices for Nov Rose by 3.8%, Fastest Pace in 9 Years

The Index Today

Singapore's November headline prices rose at fastest rate in nearly nine years on higher private transport and services costs, the government also slightly increased its outlook for year 2021.

Headline inflation rose by 3.8%, exceeding the forecast of economists at 3.35% and 3.2% in October. That is the most it has risen since February 2013.

The core inflation rate the central bank's favored price measure - rose to 1.6% in November on a year-on-year basis, the highest since January 2019, versus 1.5% in the prior month. A Reuters poll of economists had forecast a 1.5% increase.

The Monetary Authority of Singapore and ministry of trade and industry said in a joint statement that the core inflation is expected to average 0.9% for 2021 with headline inflation at 2.3%.