Singapore’s core consumer price index rose 5.1% in October, beating analyst forecasts and marking the first slowing in eight months, according to official statistics.
The easing is the result of lower-than-expected price increases for energy, gas, retail items, and other services, leading some economists to speculate that inflation may have peaked.
The headline consumer price index, measuring overall inflation, was 6.7% in October, down from 7.5% in September due to a decline in private transportation inflation and a reduction in core inflation.
The central bank had previously projected that core inflation would remain around the 5% mark for the remainder of 2022 and the first half of 2023.
Inflation is anticipated to average approximately 6% for 2022, while core inflation is expected to be approximately 4%, representing no change from September projections.
Amid robust demand, firms are expected to continue passing on accrued import, labor, and other business expenses on to consumer