,Singapore

Singapore inflation to continue transitory phase for rest of 2021

Upside risks, however, will continue to persist throughout the year.

As Singapore’s consumer prices rose at 2.5% year-on-year (YoY), UOB predicted a transition period for the year 2021. 

In the seventh straight month of rising consumer prices, an uptick of 1.7% was recorded. 

Core inflation was also noted by UOB for most industries.

“Core inflation, which strips out private road transport and accommodation prices, was supported by almost all clusters except for clothing and footwear (-5.5% YoY), communications (-1.5% YoY), and miscellaneous goods and services (-0.7% YoY).”

Headline inflation is also expected to stay between 1% to 2% for 2021, an increase from 0.5% to 1.5% in the previous report. 

UOB predicted that these factors should remain in effect for the rest of the year. Support for inflation is also expected to take place as a result of these upticks.

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Upside risks, however, will continue to persist throughout the year.