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Singapore's core inflation rose 1.8% in December, exceeding economists' forecast of 1.7%, but marking the lowest level since November 2021, when it was 1.6%. Headline inflation reached 1.6%, slightly above the expected 1.5%. Both rates show a significant decline from the 5.5% peak seen in early 2023.
The core inflation rate, which excludes private road transport and accommodation costs, fell from November’s 1.9%. These figures highlight easing price pressures in the city-state, providing potential room for the Monetary Authority of Singapore (MAS) to adjust its monetary policy during the upcoming review.
Analysts remain divided on whether MAS will act now or wait to evaluate the impact of international factors. The central bank last tightened monetary policy in October 2022, marking its fifth consecutive adjustment, and has maintained a cautious stance amid growth concerns.
Singapore’s economy outperformed expectations in 2024, growing 4% according to advance estimates, compared to 1.1% in 2023 and 3.8% in 2022. The trade ministry projects growth of 1.0% to 3.0% for 2025. The MAS previously eased policy in March 2020 during the global COVID-19 crisis.
Lower inflation and robust economic growth may provide flexibility for policymakers to focus on sustaining recovery. As global economic conditions evolve, Singapore's approach to managing inflation and growth will remain critical in 2025.
These developments position Singapore favorably for continued stability, attracting investor interest while balancing domestic and international economic challenges.
Keywords: Singapore inflation, core inflation December, Monetary Authority of Singapore, MAS monetary policy, Singapore economy growth 2024, inflation rates 2025, economic growth Singapore.
