As the second quarter unfolds, all eyes will be on global commodity prices and their impact on Singapore's inflation rates.
SINGAPORE: Singapore experienced a lower-than-expected inflation rate in March, providing a brief respite for consumers. However, economists caution that the trend may not persist into the second quarter due to rising global commodity prices.
RHB was quick to point out that the decline in March inflation was not a result of lower demand conditions. Instead, it indicated that several categories, including household durables and services, housing and utilities, and miscellaneous goods and services, showed either higher or near-forecasted inflation levels.
RHB’s analysis also suggested that the milder inflationary pressures seen so far might be due to a relatively stronger Singapore Dollar Nominal Effective Exchange Rate , helping to curb the impact of imported inflation. In contrast, UOB has a different perspective, suggesting potential adjustments in the near future. According to UOB, the continued transmission of imported disinflation into Singapore’s core Consumer Price Index could lead to a shift in monetary policy.
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