Macroeconomic Forecast Singapore

Despite the sharp downturn in H109 putting significant dis-inflationary pressures on consumer prices, our estimates indicate that Singapore should narrowly avoid deflation for 2009, with the average inflation rate reaching 0.2%. Moreover, consumer prices have been ticking up on a month-on-month basis since July 2009 and we expect this trend to continue into 2010. Going forward, we have already seen clear signs of a rebound in both the global and Singapore's economy. Coupled with rising energy prices, we expect consumer prices to increase by 1.5% by the end of 2010.

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