A gradually strengthening Singapore dollar will help lower the cost of imports and consumer price inflation

Import costs have risen due to higher commodity prices, driving MAS Core InflationMAS Core Inflation excludes the costs of accommodation and private transport from CPI-All Items inflation. slightly above 2%

Sectors such as manufacturing are doing well, as businesses worldwide invest in AI  

Inflation should ease as global oil and food supplies recover and government subsidies for some essential services are enhanced

The global AI-driven boom should moderate from its exceptionally strong pace

If disruptions to global energy and food markets continue, consumer price increases could continue to be firm

If interest rates around the world increase sharply or global AI investment slows, Singapore’s growth could come in lower than expected

Read MAS' latest Monetary Policy Statement. Statements are released in January, April, July and October.

Published quarterly in conjunction with the release of the MAS Monetary Policy Statement, the Macroeconomic Review provides analyses of the conjunctural developments and outlook for the global and domestic economies.

Learn more about how economists measure price changes in the economy.

Find out how the Singapore dollar exchange rate affects inflation.