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Singapore: Core inflation continues to moderate – ANZ

Khoon Goh, analyst at ANZ, notes that Singapore’s CPI All-Items inflation for June eased to 0.6% y/y from 0.9% the previous month and was below market expectations, though it was in line with our forecast.

Key Quotes

“The MAS Core Inflation edged down to 1.2% y/y, continuing the moderation seen since its recent peak in December 2018 at 1.9%.”

“Given the weak growth backdrop and downside risks to the outlook, there is unlikely to be much inflation pressure.”

“MAS has maintained their core inflation forecast for 2019 at the mid-point of the 1-2% range. We see core inflation coming in at the lower end of that range.”

“We see MAS easing monetary policy at their scheduled October review, though an earlier move cannot be ruled out.”

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