Singapore likely to continue suffering high inflation in 2023
Singapore is likely to experience a tough year in 2023 with high inflation and slow economic growth, according to the latest report by Monetary Authority of Singapore (MAS).
Singapore (VNA) – Singapore is likely toexperience a tough year in 2023 with high inflation and slow economic growth,according to the latest report by Monetary Authority of Singapore (MAS).
MAS reiterated its 2023 projections for core inflation –which exclude accommodation and private transport costs – to average 3.5 to4.5%, and headline inflation to average 5.5 to 6.5%.
The major reason is the significant rise in prices of manyimported goods and services.
According to MAS, the Singapore economy will grow at aslower pace in tandem with weakening global demand. However, core inflationwill stay elevated over the next few quarters, as imported inflation remainssignificant and a tight labour market supports strong wage increases.
Inflation is projected to ease more discernibly in thelatter half of 2023, although there is considerable uncertainty around theoutlook for both inflation and growth, it added.
Statistics showed that core inflation in Singapore in September rose to 5.3%,the highest in 14 years, mainly due to the increase in prices of food, servicesand retail and other goods. The figure was higher than the 5.1% in August.Meanwhile, the consumer price index, or overall inflation, for September was7.5%, unchanged from August./.
Vietnamese businesses and brands are taking part in Agri-food Tech Expo Asia (AFTEA) and Franchising and Licensing Asia (FLA) underway in Singapore from October 26-29.
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