In particular, benchmark oil prices fell sharply in March and are expected to stay low for an extended period. NSA
MAS will adopt a zero percent per annum rate of appreciation of the policy band starting at the prevailing level of the S$NEER. TEForecast At this juncture, Singapore’s GDP growth is projected at −4 to −1%, which will result in a substantial widening of the negative output gap. On the other hand, prices decreased at a faster pace for miscellaneous goods & services (-1.9% vs -1.4%) and recreation & culture (-2.9% vs -2%).
The measured adjustment to the policy stance was assessed to be appropriate given muted inflationary pressures.Between October 2019 and late January this year, the S$NEER hovered near the upper bound of the policy band amid broad-based US$ weakness. The Singapore economy will enter a recession this year, with GDP growth projected at −4 to −1%. Singapore’s January 2020 core inflation at 0.3%, lower than forecast.
Get notified whenever news and updates are posted on this website.In its October 2019 Monetary Policy Statement, MAS reduced slightly the rate of appreciation of the S$NEER policy band. 1962-2020 Data | 2021-2022 Forecast | Calendar | Historical The manufacturing sector recorded its fourth consecutive quarter of contraction, with lacklustre performances across most segments except for the biomedical and precision engineering industries.Looking ahead, global GDP growth is expected to stall or even contract in H1 2020, given the significant interruption to economic activity in most of Singapore’s major trading partners. There was no change to the width of the policy band and the level at which it was centred. GDP growth will eventually recover following the abrupt downshift in the level of activity, but there is significant uncertainty over the depth and duration of this recession. MAS is thus lowering the 2020 forecast range for both MAS Core Inflation and CPI-All Items inflation to −1 to 0%.The outbreak of COVID-19 domestically and abroad has weighed on a broad spectrum of economic activities.
Core consumer prices, which excludes accommodation and private road transport costs, fell 0.3% yoy, for the third straight month, defying expectations of a 0.4% drop and after a 0.2% decline in March. In addition, prices rose further for both food (2.3% vs 2.2%) and housing & utilities (0.2%vs 0.1%) while cost of furnishings were unchanged (vs -0.4% in May). This stable monetary policy stance also reflects the primary role of fiscal policy in mitigating the economic impact of COVID-19. On the other hand, food inflation quickened (2.2% vs 2.1%), while inflation was steady for housing & utilities inflation (at 0.1%). Consequently, disinflationary pressures are expected to broaden, even as the prices of some imported items are likely to increase as a result of the disruptions in production and transport.
The inflation rate for consumer prices in Singapore moved over the past 40 years between -1.4% and 8.5%.
Monetary Policy Statements Monetary Policy Statements
This was partly due to a larger decline in retail goods prices, as well as government measures to reduce the costs of pre-school education and healthcare.
Monetary Policy Statements MONETARY AUTHORITY OF SINGAPORE MINISTRY OF TRADE AND INDUSTRY 24 February 2020
Against this backdrop, the Singapore economy is expected to contract in 2020. Since then, the S$NEER has depreciated in line with declining inflation and sharply weakening economic growth.
However, supply chain disruptions arising from worldwide measures to contain COVID-19 could put some temporary upward pressure on imported food prices.
At this stage, the 2020 forecasts for MAS Core Inflation and CPI‐All Items inflation remain at 0.5–1.5%. There will be no change to the width of the policy band. Inflation Rate YoY Reference On a monthly basis, consumer prices were flat in June, after a 0.5% gain in May.
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