Singapore’s June consumer price index sustained its elevated pace at 2.4% year-on-year according to statistics released by the government.The Monetary Authority of Singapore upgraded its 2021 official headline CPI from 0.5%-1.5% YoY to 1%-2% YoY; however, it kept its core CPI forecast unchanged at 0%-1% YoY.
According to OCBC Bank Treasury Research, while core CPI will tick higher in the coming months, the return to Phase 2 from 22 July and the implicit downside risk to the third quarter of 2021 gross domestic product growth outlook, should dampen consumer sentiments and hence private consumption. “We retain our 2021 CPI forecast at 1.5% YoY and 0.7% YoY . Wage growth should also stay subdued at this juncture. Although private transport and accommodation costs may stay buoyant amid firm demand for cars and rental accommodation, as base effects fade, headline CPI should ease in the second half of the year.
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