The economist is also expecting headline inflation to come in at 3.6% in December, unchanged from his previous estimates.
As November’s core inflation met the expectations of the consensus, Citi Research economist Kit Wei Zheng notes that core momentum moderated to 0.19% m-o-m according to his seasonal adjustments. Core inflation, however, accelerated to 2.91% on a three-month moving average (3MMA) annualised basis compared to the peak of 7.1% in August 2022.
In December, Kit is now expecting Singapore’s core inflation to ease to 3.0%, higher than his previous estimate of 2.9%, after taxi operators announced that they would increase their fares in the same month.
