Singapore's core inflation rises to 3.3% in October, driven by services, retail, and other goods, with electricity and gas costs. The projected core inflation for 2023 is expected to fall to between 2.5% and 3% by December, with overall inflation projected to average about 5% for 2023. The central bank keeps monetary policy settings unchanged but changes the frequency of policy reviews. Singapore's economic growth is expected to improve in the second half of next year, with manufacturing output likely to bottom out and activity in financial services potentially picking up. The consumer-price inflation in September reached 4.1%, with core CPI rising to 3.0%. The central bank has increased the frequency of reviews to quarterly.

Singapore's Core Inflation Rises