Smaller increase in energy prices helped offset the rising prices of goods

According to the Monetary Authority of Singapore and the Ministry of Trade and Industry, inflation in the country was steady across the board for the month of November. 

Headline inflation was unchanged at 6.7% year on year, with most categories seeing prices holding steady for November. Meanwhile, core inflation, which excludes private transport and accommodation, stayed at 5.1% year on year. 

These numbers are higher than the prediction of private-sector economists. They expected core inflation to settle at 5%, and headline inflation to settle at 6.5%. 

More from OMY: Economists and analysts now expect a higher full-year headline inflation

MTI and MAS also noted that accommodation inflation decreased from 0.1% to 4.8% year on year in November amid a house rental increase.  

Private transport inflation also decreased from 0.1% to 17.2% year on year as car and petrol prices increased.  

Additionally, services inflation was at 3.6% year on year from 3.9%. Electricity and gas had the biggest fall in November at 16.7% year on year, compared to 19% in the previous month. 

Food inflation settled at 7.3% year on year, and retail and other goods came at 3.3% year on year in November.  

With only one month to go, authorities have kept their forecast for 2022. In the next quarters, core inflation is expected to increase before slowing down in the second half of 2023.  

More from OMY: 91% of Singaporeans say inflation is getting personal: survey 


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