, Singapore

Singapore inflation forecast at 3.3% in 2011

The December CPI may not change the April outlook as far as the monetary policy is concerned, OCBC said.

December CPI grew 4.6% y-o-y. CPI grew 2.8% y-o-y for the year of 2010, up sharply from 0.6% in 2009. The surge of inflation was mainly driven by rising energy and housing prices. Meanwhile, food prices also contributed about 10% to headline CPI in 2010.

OCBC is not looking at a double dip scenario: therefore, the dynamics are still tilted towards inflation this year with a forecast of 3.3%. 

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