SINGAPORE: Singapore’s core inflation eased to 4.7 per cent year-on-year in May, official data showed on Friday (Jun 23). Core inflation had risen to 5.5 per cent in February
"Global supply chain frictions and consumer goods inflation in the advanced economies have continued to ease," said MAS and MTI, adding that global energy and food commodity prices also moderated further.Locally, unit labour costs are expected to rise further in the near term and businesses are expected to continue to pass through accumulated labour costs to consumer prices. MAS and MTI noted that it would happen at a"more moderate pace" amid a slowdown in domestic activity.
For 2023 as a whole, the authorities project headline inflation to average between 5.5 per cent to 6.5 per cent and core inflation to average 3.5 per cent to 4.5 per cent.
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