Headline inflation to average 4% in 2023: UOB

This projection excludes 2023 goods and services tax impact.

Even as the inflation eased in October, UOB said authorities did not change their outlook for 2022 amidst uncertainties in the global economic outlook.

In a report, UOB analysts said their full-year inflation outlook also remained unchanged. It sees 6% for headline inflation and 4.2% for core inflation.

Without the 2023 goods and services tax impact, UOB said it projects headline inflation to average 4% and core inflation average 3% in 2023.

The dip in inflation also does not stop authorities from expecting risks in inflation and project outlook for cost pressures.

Because of this, UOB said “Singapore's monetary policy is further into a restrictive setting after five rounds of tightening since October 2021.”

“With the Monetary Authority of Singapore pulling only one lever in its October 2022 decision, there is still room for further tightening into 2023, especially if core inflation does not show signs of meaningful moderation in the months ahead,” said UOB.

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