SINGAPORE: Singapore’s core inflation held steady at 5 per cent year-on-year in April, with lower inflation for electricity and gas, food as well as retail and other goods. The lower inflation in these categories was offset by higher inflation for travel-related services last month, said the Monetary Aut
"Consumer goods inflation in the advanced economies has moderated, even as overall core inflation is still high. Energy and food commodity prices have fallen below their peaks seen last year," they added.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. This will happen at a “more moderate pace” amid a slowdown in domestic activity, said MAS and MTI.
For 2023 as a whole, the authorities’ forecasts remain unchanged for headline and core inflation. Headline inflation is projected to average 5.5 per cent to 6.5 per cent, while core inflation is expected to average 3.5 per cent to 4.5 per cent.
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