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Singapore headline consumer inflation stabilizes in September, in line with estimates

Singapore’s headline inflation stabilized at 0.4 percent in September, in line with market estimates. Core inflation edged up slightly due to an increase in services costs and telecommunications fees in particular.

As such, any near-term price pressures are not seen. Monetary policy should, therefore, remain in neutral mode. However, we will be examining the Q3 labor market data due this Friday to assess whether there has been any improvement in the employment and wage situation. Labour market conditions tend to be a good leading indicator of inflation in Singapore.

On an m/m basis, headline inflation was flat in September compared with a 0.3 percent increase in the preceding month. Private road transport costs contracted 0.3 percent m/m, reflecting both lower car prices as well as a moderation in COE premiums. Accommodation costs fell 0.3 percent m/m amid lingering softness in the home rental market.

By contrast, food prices edged up 0.2 percent m/m. Meanwhile, core inflation, which in Singapore’s case, excludes accommodation and private road transport costs, edged up slightly. However, apart from telecommunication service fees, other components remained subdued in their recent ranges.

"Consequently, inflationary pressures have been muted. The inflation data reinforces our view that there is no urgency for the Monetary Authority of Singapore (MAS) to exit from their current neutral policy stance," ANZ Research commented in its latest report.

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November 24 15:30 UTC Released

USECRI Weekly Index*

Actual

145.6 %

Forecast

Previous

145.6 %

November 24 14:45 UTC Released

US1st Half-Mth Infl YY*

Actual

54.6 %

Forecast

Previous

54.6 %

November 27 09:00 UTC 31843184m

ITExport Prices*

Actual

Forecast

Previous

111 %

November 27 09:00 UTC 31843184m

ITImport Prices*

Actual

Forecast

Previous

116.1 %

November 27 14:00 UTC 34843484m

MXTrade Balance, $*

Actual

Forecast

Previous

-1.886 Bln USD

November 27 14:00 UTC 34843484m

MXTrade Balance SA*

Actual

Forecast

Previous

-1.559 Bln USD

November 27 15:30 UTC 35743574m

USDallas Fed mfg bus index

Actual

Forecast

Previous

27.6

November 27 21:00 UTC 39043904m

KRBOK Manufacturing BSI*

Actual

Forecast

Previous

87 Bln BRL

November 28 00:00 UTC 40844084m

BRCentral Govt Balance

Actual

Forecast

Previous

-22.725 Bln BRL

November 28 07:00 UTC 45044504m

DEGDP Growth QQ* Advance

Actual

Forecast

Previous

10.7 %

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