gtfintechlab/monetary_authority_of_singapore

sentences stringlengths 36 344	stance_label stringclasses 4 values	time_label stringclasses 2 values	certain_label stringclasses 2 values	year int64 2k 2.02k	__index_level_0__ int64 1 999
mas will closely monitor global and domestic economic developments, amid uncertainty on both inflation and growth.	neutral	forward looking	uncertain	2,023	705
in our assessment, this policy stance will remain supportive of economic growth while capping inflationary pressures and ensuring price stability over the medium term.	dovish	forward looking	certain	2,007	921
the output gap is expected to turn slightly positive.	neutral	forward looking	uncertain	2,022	158
this policy stance was assessed to be appropriate given the expectation that mas core inflation would rise modestly in the near term before stabilising at just below 2%.	neutral	forward looking	uncertain	2,019	654
inflation edged up due to the step-up in the gst rate, higher electricity & gas tariffs from the carbon tax hike, as well as increases in essential services fees amid higher input and labour costs.	neutral	not forward looking	certain	2,024	822
gdp growth in the singapore economy is expected to come in at 6–7% this year and register a slower but still-above trend pace in 2022.	neutral	forward looking	certain	2,021	43
meat prices were affected by the compulsory installation of meat-chillers, which raised prices of meat processed locally.	neutral	not forward looking	certain	2,001	189
even as base effects dissipate, the build-up in sequential price increases will cause the headline cpi inflation rate to rise to around 4% by the end of 2010 and stay high in the first half of 2011 before moderating.	hawkish	forward looking	uncertain	2,010	869
importantly, structural changes to the economy including a more competitive environment and diversified sources of imports have helped to cap price increases.	neutral	not forward looking	certain	2,006	987
these developments should also provide a modest lift to the global it industry, following a contraction in 2012.	neutral	forward looking	uncertain	2,013	467
the singapore economy is likely to remain on its steady expansion path in 2018.	neutral	forward looking	uncertain	2,018	257
external conditions have remained weak, even after the us-iraq war.	irrelevant	not forward looking	certain	2,003	658
mas core inflation, which excludes costs of accommodation and private road transport, fell significantly to an average of 0.8% year-on-year in july–august 2019, from 1.4% in h1.	dovish	not forward looking	certain	2,019	754
in particular, benchmark oil prices fell sharply in march and are expected to stay low for an extended period.	neutral	forward looking	uncertain	2,020	632
in particular, persistent tightness in the labour market will support slightly stronger wage increases in 2013, which will continue to be passed through to consumer prices.	hawkish	forward looking	certain	2,012	426
continued to moderate to 3.0% y-o-y in q2, from 3.3% in q1.	neutral	not forward looking	certain	2,024	288
cpi-all items inflation is expected to come in at 3-4%.	neutral	forward looking	certain	2,013	70
with global monetary conditions still accommodative, the domestic three-month interbank rate has remained low, averaging 0.40% from april through september 2013.	neutral	not forward looking	certain	2,013	167
the financial services sector also recorded varying outturns across its segments, with both domestic and offshore lending outperforming.	neutral	not forward looking	certain	2,018	102
s$ nominal effective exchange rate (s$neer) over the last three months, the s$neer has broadly appreciated and is now close to the top of the policy band.	hawkish	not forward looking	certain	2,022	250
nominal effective exchange rate (s$neer) the s$neer strengthened through much of july and august, as negative sentiments towards the regional sars-hit countries lifted.	hawkish	not forward looking	certain	2,003	832
the upward pressures on the s$ in april, which reflected markets' anticipation of a renminbi revaluation, moderated in june.	neutral	not forward looking	certain	2,005	916
gdp growth is estimated to have fallen to 1.8% (year-on-year) in h1 2001, from 10.7% in h2 2000, led by a sharp slowdown in manufacturing and weakening domestic demand.	neutral	not forward looking	certain	2,001	763
despite the turbulence in global financial markets arising from the us subprime mortgage problems, financial markets in singapore, in particular the money markets, have continued to function in an orderly manner.	neutral	not forward looking	certain	2,007	84
in comparison, segments of the wholesale trade and transportation sectors were boosted by an upturn in oil-related activities in early q3.	neutral	not forward looking	certain	2,015	295
however, towards the end of the year, the us$ began to weaken against the euro and s$ regained some of its earlier losses against the us$.	hawkish	not forward looking	certain	2,001	125
at the same time, the finance & insurance and information & communications services sectors should continue to expand, underpinned by domestic demand in the region and ongoing digitalisation-related investments.	neutral	forward looking	certain	2,019	845
there will be no re-centring of the policy band, or any change in its width.	neutral	forward looking	certain	2,007	191
there will be no change in the level, slope or width of the policy band.	neutral	forward looking	certain	2,005	617
with the q1 expansion, the singapore economy has now fully recovered the output lost during the recession, and economic activity in a broad range of industries has exceeded its pre-crisis peak.	hawkish	not forward looking	certain	2,010	64
with the deterioration in macroeconomic conditions and expectations of a weaker , the s$neer has depreciated to a level slightly below the mid-point of the policy band.	dovish	not forward looking	certain	2,020	709
for the year as a whole, mas core inflation is projected to average 0.5–1.5% in 2016, compared to around 0.5% in 2015.	neutral	forward looking	certain	2,015	247
for instance, the costs of accommodation and domestic-oriented services accounted for more than half of cpi inflation on a sequential basis in july-august.	neutral	not forward looking	certain	2,010	434
conditions in the it industry are likely to remain sluggish till later in the year, although the non-electronics clusters are expected to maintain healthy growth.	neutral	forward looking	uncertain	2,007	362
resilient business investment in the us supported the pick-up in global electronics manufacturing and trade, with regional economies benefitting from this recovery.	hawkish	not forward looking	certain	2,024	215
it is forecast to be around 1.5-2% in 2012, compared to about 2.1% in 2011.	neutral	forward looking	certain	2,011	879
barring any further global shocks, the singapore economy is expected to strengthen in 2024, with growth becoming more broad-based.	neutral	forward looking	uncertain	2,024	985
firms are expected to continue to pass on accumulated costs, which could lead to broad-based price increases across the economy.	neutral	forward looking	uncertain	2,014	652
reflecting in part the catch-up to prior increases in us interest rates, the three-month domestic interbank rate rose from 2.38% at end-september 2005 to 3.44% as at end-march this year, pulling up mortgage and deposit rates as well.	hawkish	not forward looking	certain	2,006	316
meanwhile, cpi-all items inflation fell to 3.1% y-o-y over jan–feb, from 4.0% in the preceding quarter, underpinned by the further reduction in private transport and accommodation inflation.	dovish	not forward looking	certain	2,024	489
while there could be some upward pressures on consumer prices emanating from higher global oil and food prices, underlying domestic cost pressures will be contained.	neutral	forward looking	uncertain	2,009	89
mas’ money market operations will at the same time provide sufficient liquidity to the financial system.	neutral	forward looking	certain	2,020	977
in comparison, growth in the domestic-oriented sectors, including construction, remained firm.	neutral	not forward looking	certain	2,014	199
slowing external growth momentum will weigh on singapore’s trade-related sectors in the second half of the year.	neutral	forward looking	certain	2,022	277
this policy stance will continue to reduce imported inflation and help curb domestic cost pressures.	hawkish	forward looking	certain	2,023	878
the growth was broad-based, with strong performance recorded in the manufacturing and services sectors.	neutral	not forward looking	certain	2,010	789
the resident unemployment rate rose to 4.5% in august and is likely to remain elevated.	dovish	forward looking	uncertain	2,020	408
visitor arrivals, air passengers passing through changi airport, and hotel occupancy rates are almost back to their pre-sars levels.	neutral	not forward looking	certain	2,003	865
nominal effective exchange rate (s$neer) over the past six months, the s$neer appreciated from the lower half to the upper half of the policy band.	hawkish	not forward looking	certain	2,006	148
this policy stance was deemed appropriate for containing inflationary pressures amid the ongoing economic restructuring.	hawkish	not forward looking	certain	2,013	894
there is therefore no reason for any undue weakening of the singapore dollar.	hawkish	forward looking	certain	2,009	37
reflecting in part the robust expansion in q1, gdp growth for the year as a whole is likely to be at the upper end of the 4-6% forecast range.	neutral	forward looking	certain	2,011	776
the growth trajectory of the singapore economy has evolved largely according to our expectations.	neutral	not forward looking	certain	2,006	380
the january statement date will be announced in the advance release calendar of the mas website on 2 january 2024.	irrelevant	forward looking	certain	2,023	851
in the april 2024 statement , mas maintained the rate of appreciation of the singapore dollar nominal effective exchange rate (s$neer) policy band, with no change to the width of the band or level at which it was centred.	neutral	not forward looking	certain	2,024	697
although mas core inflation is projected to rise from around 1% in 2016 to 1–2% in 2017, the ascent will be gradual.	neutral	forward looking	uncertain	2,016	814
since then, the s$neer has largely fluctuated within the upper half of the policy band in h1 2002.	neutral	not forward looking	certain	2,002	904
at the same time, domestic cost pressures are rising, given the high level of resource utilisation in the economy and tight labour market in particular, as well as the diminishing boost from the cyclical uplift in productivity seen earlier this year.	hawkish	not forward looking	certain	2,010	252
meanwhile, non-labour costs such as retail rents should stay subdued.	dovish	forward looking	certain	2,020	929
inflation for certain services components, including public transport and healthcare, could also stay elevated as less frequently-adjusted prices rise to catch up with higher cost levels.	neutral	forward looking	uncertain	2,024	611
against this backdrop of continuing external and domestic cost pressures, an upward shift of the policy band at this point will help to moderate inflation going forward, while providing support for sustainable growth in the economy.	hawkish	forward looking	certain	2,008	500
imported food inflation also eased, dampening non-cooked food inflation, which has declined from its peak in q2.	neutral	not forward looking	certain	2,020	163
these movements in the s$neer largely reflected shifting market expectations of the path of tightening in the advanced economies, as well as a brief episode of risk-off sentiment associated with recent international financial stresses.	neutral	not forward looking	certain	2,023	280
however, wage pressures have been building up amidst a tightening labour market.	hawkish	not forward looking	certain	2,011	942
this mainly reflected the increase in global commodity prices in recent months, which passed through to electricity & gas tariffs and non-cooked food inflation.	hawkish	not forward looking	certain	2,021	596
on the expenditure side, the export led growth has broadened to consumer spending and investment in goods and machinery.	hawkish	not forward looking	certain	2,001	604
imputed rentals on owner-occupied accommodation and car prices will account for slightly over half of cpi-all items inflation in both years.	neutral	not forward looking	certain	2,012	217
likewise, activity in singapore’s major trading partners saw a significant recovery in q3 2020 as economies reopened.	neutral	not forward looking	certain	2,020	395
over the same period, cpi-all items inflation rose slightly to 0.6%, reflecting a larger increase in private road transport costs and a turnaround in imputed rentals on owner-occupied accommodation.	neutral	not forward looking	certain	2,020	997
china and india are likely to continue growing apace, lending support to the regional economies.	neutral	forward looking	uncertain	2,006	475
mas has maintained a neutral policy stance in 2002.	neutral	not forward looking	certain	2,003	203
china’s growth momentum is likely to moderate, as its services sector expansion is unlikely to be sufficiently strong to offset faltering industrial activity, amid supply gluts and weak global demand.	neutral	forward looking	uncertain	2,016	850
as inflation typically lags gdp growth, a turnaround in economic activity in h2 2002 is unlikely to lead to an immediate uptick in inflation.	neutral	forward looking	uncertain	2,002	963
mas core inflation is likely to remain elevated in the earlier part of the year, but should decline gradually and step down by q4, before falling further next year.	neutral	forward looking	uncertain	2,024	982
for the rest of 2022, the confluence of demand and supply factors that drove the price increases in july–august is expected to persist.	hawkish	forward looking	uncertain	2,022	445
the unemployment rate is likely to remain low.	neutral	forward looking	certain	2,014	507
electricity & gas and non-cooked food inflation also rose, reflecting the effects of the step-up in global energy and agricultural input costs compared to a year ago.	neutral	not forward looking	certain	2,022	645
against this global backdrop, the weakness in electronics production and its supporting industries in singapore is likely to persist over the near term.	dovish	forward looking	uncertain	2,019	196
although petrol prices will likely be lower, car prices could see some increase given an anticipated tapering in the supply of coes.	neutral	forward looking	uncertain	2,019	708
the modern services cluster is expected to expand at a slightly faster pace in 2017, led by a pickup in the financial sector and firm demand for ict services.	neutral	forward looking	certain	2,017	785
despite some pickup in labour costs, inflationary pressures are mild and should remain contained.	dovish	forward looking	certain	2,019	423
the three-month s$ sibor was stable at around 0.40%, while the three-month us$ libor averaged 0.24%.	neutral	not forward looking	certain	2,014	683
interest rates in the retail market have also stayed low.	neutral	not forward looking	certain	2,001	415
given the openness of the singapore economy and its dependence on external demand, it is not surprising that we have been hit hard by the external downturn.	neutral	not forward looking	certain	2,001	895
overall, mas core inflation is projected to come in at around 1.5% in 2017 and average 1–2% next year.	neutral	forward looking	uncertain	2,017	693
for 2015 as a whole, global oil prices are unlikely to show a significant rebound and should remain much lower than the us$93 average recorded last year.	neutral	forward looking	certain	2,015	993
from about 0.5% in q4 1999, cpi inflation (year-on-year) rose steadily to 1.5% in q3 2000, and further to 2.0% in q4, with the inflation rate in dec 2000 coming in at 2.1%.	hawkish	not forward looking	certain	2,001	781
but for the year as a whole, cpi-all items inflation should average around 5%, down from 6.1% the year before.	dovish	forward looking	uncertain	2,023	400
domestic sources of inflation will also be more muted with a softer labour market going forward, significantly slower growth in nominal earnings, and more cautious consumer sentiments.	dovish	forward looking	certain	2,001	132
cpi-all items inflation eased by a smaller extent over the same period, from 0.6% to 0.4%, as higher private road transport costs and a slower decline in imputed rentals on owner-occupied accommodation partially offset the moderation in core inflation.	neutral	not forward looking	certain	2,019	55
this strengthening in momentum was mainly attributable to the external-facing sectors.	neutral	not forward looking	certain	2,024	981
on balance, real gdp growth could come in at the upper half of the official forecast range of 2-4% in 2002.	neutral	forward looking	uncertain	2,002	847
this reflected in part sharper depreciations in a number of regional currencies against the us dollar, relative to the s$.	neutral	not forward looking	certain	2,018	193
this policy stance will help anchor inflation expectations, ensure medium-term price stability, and keep growth on a sustainable path.	dovish	forward looking	certain	2,012	696
the manufacturing sector turned around, reflecting a pickup in the electronics and precision engineering industries.	neutral	not forward looking	certain	2,014	431
although the one percentage point increase in the gst will result in a one-off step-up in the price level, its effect on inflation should be transitory.	neutral	forward looking	uncertain	2,022	620
notwithstanding continued short-term volatility, global oil prices are expected to increase next year from its trough in 2016.	neutral	forward looking	uncertain	2,016	660
the broad-based decline in the japanese yen led to upward pressure on the s$neer, although a strengthening in the us dollar, due to speculation of an early exit from quantitative easing in the us and renewed uncertainty over the european debt crisis, resulted in bouts of domestic currency weakness.	neutral	not forward looking	certain	2,013	388
growth momentum in the singapore economy should improve in the second half of 2024.	neutral	forward looking	uncertain	2,024	177
the decline largely reflected fluctuations in biomedical manufacturing, which are not expected to have significant spillover effects on the broader economy or on overall employment conditions.	neutral	forward looking	certain	2,005	859

mas will closely monitor global and domestic economic developments, amid uncertainty on both inflation and growth.

neutral

forward looking

uncertain

2,023

705

in our assessment, this policy stance will remain supportive of economic growth while capping inflationary pressures and ensuring price stability over the medium term.

dovish

forward looking

certain

2,007

921

the output gap is expected to turn slightly positive.

neutral

forward looking

uncertain

2,022

158

this policy stance was assessed to be appropriate given the expectation that mas core inflation would rise modestly in the near term before stabilising at just below 2%.

neutral

forward looking

uncertain

2,019

654

inflation edged up due to the step-up in the gst rate, higher electricity & gas tariffs from the carbon tax hike, as well as increases in essential services fees amid higher input and labour costs.

neutral

not forward looking

certain

2,024

822

gdp growth in the singapore economy is expected to come in at 6–7% this year and register a slower but still-above trend pace in 2022.

neutral

forward looking

certain

2,021

43

meat prices were affected by the compulsory installation of meat-chillers, which raised prices of meat processed locally.

neutral

not forward looking

certain

2,001

189

even as base effects dissipate, the build-up in sequential price increases will cause the headline cpi inflation rate to rise to around 4% by the end of 2010 and stay high in the first half of 2011 before moderating.

hawkish

forward looking

uncertain

2,010

869

importantly, structural changes to the economy including a more competitive environment and diversified sources of imports have helped to cap price increases.

neutral

not forward looking

certain

2,006

987

these developments should also provide a modest lift to the global it industry, following a contraction in 2012.

neutral

forward looking

uncertain

2,013

467

the singapore economy is likely to remain on its steady expansion path in 2018.

neutral

forward looking

uncertain

2,018

257

external conditions have remained weak, even after the us-iraq war.

irrelevant

not forward looking

certain

2,003

658

mas core inflation, which excludes costs of accommodation and private road transport, fell significantly to an average of 0.8% year-on-year in july–august 2019, from 1.4% in h1.

dovish

not forward looking

certain

2,019

754

in particular, benchmark oil prices fell sharply in march and are expected to stay low for an extended period.

neutral

forward looking

uncertain

2,020

632

in particular, persistent tightness in the labour market will support slightly stronger wage increases in 2013, which will continue to be passed through to consumer prices.

hawkish

forward looking

certain

2,012

426

continued to moderate to 3.0% y-o-y in q2, from 3.3% in q1.

neutral

not forward looking

certain

2,024

288

cpi-all items inflation is expected to come in at 3-4%.

neutral

forward looking

certain

2,013

70

with global monetary conditions still accommodative, the domestic three-month interbank rate has remained low, averaging 0.40% from april through september 2013.

neutral

not forward looking

certain

2,013

167

the financial services sector also recorded varying outturns across its segments, with both domestic and offshore lending outperforming.

neutral

not forward looking

certain

2,018

102

s$ nominal effective exchange rate (s$neer) over the last three months, the s$neer has broadly appreciated and is now close to the top of the policy band.

hawkish

not forward looking

certain

2,022

250

nominal effective exchange rate (s$neer) the s$neer strengthened through much of july and august, as negative sentiments towards the regional sars-hit countries lifted.

hawkish

not forward looking

certain

2,003

832

the upward pressures on the s$ in april, which reflected markets' anticipation of a renminbi revaluation, moderated in june.

neutral

not forward looking

certain

2,005

916

gdp growth is estimated to have fallen to 1.8% (year-on-year) in h1 2001, from 10.7% in h2 2000, led by a sharp slowdown in manufacturing and weakening domestic demand.

neutral

not forward looking

certain

2,001

763

despite the turbulence in global financial markets arising from the us subprime mortgage problems, financial markets in singapore, in particular the money markets, have continued to function in an orderly manner.

neutral

not forward looking

certain

2,007

84

in comparison, segments of the wholesale trade and transportation sectors were boosted by an upturn in oil-related activities in early q3.

neutral

not forward looking

certain

2,015

295

however, towards the end of the year, the us$ began to weaken against the euro and s$ regained some of its earlier losses against the us$.

hawkish

not forward looking

certain

2,001

125

at the same time, the finance & insurance and information & communications services sectors should continue to expand, underpinned by domestic demand in the region and ongoing digitalisation-related investments.

neutral

forward looking

certain

2,019

845

there will be no re-centring of the policy band, or any change in its width.

neutral

forward looking

certain

2,007

191

there will be no change in the level, slope or width of the policy band.

neutral

forward looking

certain

2,005

617

with the q1 expansion, the singapore economy has now fully recovered the output lost during the recession, and economic activity in a broad range of industries has exceeded its pre-crisis peak.

hawkish

not forward looking

certain

2,010

64

with the deterioration in macroeconomic conditions and expectations of a weaker , the s$neer has depreciated to a level slightly below the mid-point of the policy band.

dovish

not forward looking

certain

2,020

709

for the year as a whole, mas core inflation is projected to average 0.5–1.5% in 2016, compared to around 0.5% in 2015.

neutral

forward looking

certain

2,015

247

for instance, the costs of accommodation and domestic-oriented services accounted for more than half of cpi inflation on a sequential basis in july-august.

neutral

not forward looking

certain

2,010

434

conditions in the it industry are likely to remain sluggish till later in the year, although the non-electronics clusters are expected to maintain healthy growth.

neutral

forward looking

uncertain

2,007

362

resilient business investment in the us supported the pick-up in global electronics manufacturing and trade, with regional economies benefitting from this recovery.

hawkish

not forward looking

certain

2,024

215

it is forecast to be around 1.5-2% in 2012, compared to about 2.1% in 2011.

neutral

forward looking

certain

2,011

879

barring any further global shocks, the singapore economy is expected to strengthen in 2024, with growth becoming more broad-based.

neutral

forward looking

uncertain

2,024

985

firms are expected to continue to pass on accumulated costs, which could lead to broad-based price increases across the economy.

neutral

forward looking

uncertain

2,014

652

reflecting in part the catch-up to prior increases in us interest rates, the three-month domestic interbank rate rose from 2.38% at end-september 2005 to 3.44% as at end-march this year, pulling up mortgage and deposit rates as well.

hawkish

not forward looking

certain

2,006

316

meanwhile, cpi-all items inflation fell to 3.1% y-o-y over jan–feb, from 4.0% in the preceding quarter, underpinned by the further reduction in private transport and accommodation inflation.

dovish

not forward looking

certain

2,024

489

while there could be some upward pressures on consumer prices emanating from higher global oil and food prices, underlying domestic cost pressures will be contained.

neutral

forward looking

uncertain

2,009

89

mas’ money market operations will at the same time provide sufficient liquidity to the financial system.

neutral

forward looking

certain

2,020

977

in comparison, growth in the domestic-oriented sectors, including construction, remained firm.

neutral

not forward looking

certain

2,014

199

slowing external growth momentum will weigh on singapore’s trade-related sectors in the second half of the year.

neutral

forward looking

certain

2,022

277

this policy stance will continue to reduce imported inflation and help curb domestic cost pressures.

hawkish

forward looking

certain

2,023

878

the growth was broad-based, with strong performance recorded in the manufacturing and services sectors.

neutral

not forward looking

certain

2,010

789

the resident unemployment rate rose to 4.5% in august and is likely to remain elevated.

dovish

forward looking

uncertain

2,020

408

visitor arrivals, air passengers passing through changi airport, and hotel occupancy rates are almost back to their pre-sars levels.

neutral

not forward looking

certain

2,003

865

nominal effective exchange rate (s$neer) over the past six months, the s$neer appreciated from the lower half to the upper half of the policy band.

hawkish

not forward looking

certain

2,006

148

this policy stance was deemed appropriate for containing inflationary pressures amid the ongoing economic restructuring.

hawkish

not forward looking

certain

2,013

894

there is therefore no reason for any undue weakening of the singapore dollar.

hawkish

forward looking

certain

2,009

37

reflecting in part the robust expansion in q1, gdp growth for the year as a whole is likely to be at the upper end of the 4-6% forecast range.

neutral

forward looking

certain

2,011

776

the growth trajectory of the singapore economy has evolved largely according to our expectations.

neutral

not forward looking

certain

2,006

380

the january statement date will be announced in the advance release calendar of the mas website on 2 january 2024.

irrelevant

forward looking

certain

2,023

851

in the april 2024 statement , mas maintained the rate of appreciation of the singapore dollar nominal effective exchange rate (s$neer) policy band, with no change to the width of the band or level at which it was centred.

neutral

not forward looking

certain

2,024

697

although mas core inflation is projected to rise from around 1% in 2016 to 1–2% in 2017, the ascent will be gradual.

neutral

forward looking

uncertain

2,016

814

since then, the s$neer has largely fluctuated within the upper half of the policy band in h1 2002.

neutral

not forward looking

certain

2,002

904

at the same time, domestic cost pressures are rising, given the high level of resource utilisation in the economy and tight labour market in particular, as well as the diminishing boost from the cyclical uplift in productivity seen earlier this year.

hawkish

not forward looking

certain

2,010

252

meanwhile, non-labour costs such as retail rents should stay subdued.

dovish

forward looking

certain

2,020

929

inflation for certain services components, including public transport and healthcare, could also stay elevated as less frequently-adjusted prices rise to catch up with higher cost levels.

neutral

forward looking

uncertain

2,024

611

against this backdrop of continuing external and domestic cost pressures, an upward shift of the policy band at this point will help to moderate inflation going forward, while providing support for sustainable growth in the economy.

hawkish

forward looking

certain

2,008

500

imported food inflation also eased, dampening non-cooked food inflation, which has declined from its peak in q2.

neutral

not forward looking

certain

2,020

163

these movements in the s$neer largely reflected shifting market expectations of the path of tightening in the advanced economies, as well as a brief episode of risk-off sentiment associated with recent international financial stresses.

neutral

not forward looking

certain

2,023

280

however, wage pressures have been building up amidst a tightening labour market.

hawkish

not forward looking

certain

2,011

942

this mainly reflected the increase in global commodity prices in recent months, which passed through to electricity & gas tariffs and non-cooked food inflation.

hawkish

not forward looking

certain

2,021

596

on the expenditure side, the export led growth has broadened to consumer spending and investment in goods and machinery.

hawkish

not forward looking

certain

2,001

604

imputed rentals on owner-occupied accommodation and car prices will account for slightly over half of cpi-all items inflation in both years.

neutral

not forward looking

certain

2,012

217

likewise, activity in singapore’s major trading partners saw a significant recovery in q3 2020 as economies reopened.

neutral

not forward looking

certain

2,020

395

over the same period, cpi-all items inflation rose slightly to 0.6%, reflecting a larger increase in private road transport costs and a turnaround in imputed rentals on owner-occupied accommodation.

neutral

not forward looking

certain

2,020

997

china and india are likely to continue growing apace, lending support to the regional economies.

neutral

forward looking

uncertain

2,006

475

mas has maintained a neutral policy stance in 2002.

neutral

not forward looking

certain

2,003

203

china’s growth momentum is likely to moderate, as its services sector expansion is unlikely to be sufficiently strong to offset faltering industrial activity, amid supply gluts and weak global demand.

neutral

forward looking

uncertain

2,016

850

as inflation typically lags gdp growth, a turnaround in economic activity in h2 2002 is unlikely to lead to an immediate uptick in inflation.

neutral

forward looking

uncertain

2,002

963

mas core inflation is likely to remain elevated in the earlier part of the year, but should decline gradually and step down by q4, before falling further next year.

neutral

forward looking

uncertain

2,024

982

for the rest of 2022, the confluence of demand and supply factors that drove the price increases in july–august is expected to persist.

hawkish

forward looking

uncertain

2,022

445

the unemployment rate is likely to remain low.

neutral

forward looking

certain

2,014

507

electricity & gas and non-cooked food inflation also rose, reflecting the effects of the step-up in global energy and agricultural input costs compared to a year ago.

neutral

not forward looking

certain

2,022

645

against this global backdrop, the weakness in electronics production and its supporting industries in singapore is likely to persist over the near term.

dovish

forward looking

uncertain

2,019

196

although petrol prices will likely be lower, car prices could see some increase given an anticipated tapering in the supply of coes.

neutral

forward looking

uncertain

2,019

708

the modern services cluster is expected to expand at a slightly faster pace in 2017, led by a pickup in the financial sector and firm demand for ict services.

neutral

forward looking

certain

2,017

785

despite some pickup in labour costs, inflationary pressures are mild and should remain contained.

dovish

forward looking

certain

2,019

423

the three-month s$ sibor was stable at around 0.40%, while the three-month us$ libor averaged 0.24%.

neutral

not forward looking

certain

2,014

683

interest rates in the retail market have also stayed low.

neutral

not forward looking

certain

2,001

415

given the openness of the singapore economy and its dependence on external demand, it is not surprising that we have been hit hard by the external downturn.

neutral

not forward looking

certain

2,001

895

overall, mas core inflation is projected to come in at around 1.5% in 2017 and average 1–2% next year.

neutral

forward looking

uncertain

2,017

693

for 2015 as a whole, global oil prices are unlikely to show a significant rebound and should remain much lower than the us$93 average recorded last year.

neutral

forward looking

certain

2,015

993

from about 0.5% in q4 1999, cpi inflation (year-on-year) rose steadily to 1.5% in q3 2000, and further to 2.0% in q4, with the inflation rate in dec 2000 coming in at 2.1%.

hawkish

not forward looking

certain

2,001

781

but for the year as a whole, cpi-all items inflation should average around 5%, down from 6.1% the year before.

dovish

forward looking

uncertain

2,023

400

domestic sources of inflation will also be more muted with a softer labour market going forward, significantly slower growth in nominal earnings, and more cautious consumer sentiments.

dovish

forward looking

certain

2,001

132

cpi-all items inflation eased by a smaller extent over the same period, from 0.6% to 0.4%, as higher private road transport costs and a slower decline in imputed rentals on owner-occupied accommodation partially offset the moderation in core inflation.

neutral

not forward looking

certain

2,019

55

this strengthening in momentum was mainly attributable to the external-facing sectors.

neutral

not forward looking

certain

2,024

981

on balance, real gdp growth could come in at the upper half of the official forecast range of 2-4% in 2002.

neutral

forward looking

uncertain

2,002

847

this reflected in part sharper depreciations in a number of regional currencies against the us dollar, relative to the s$.

neutral

not forward looking

certain

2,018

193

this policy stance will help anchor inflation expectations, ensure medium-term price stability, and keep growth on a sustainable path.

dovish

forward looking

certain

2,012

696

the manufacturing sector turned around, reflecting a pickup in the electronics and precision engineering industries.

neutral

not forward looking

certain

2,014

431

although the one percentage point increase in the gst will result in a one-off step-up in the price level, its effect on inflation should be transitory.

neutral

forward looking

uncertain

2,022

620

notwithstanding continued short-term volatility, global oil prices are expected to increase next year from its trough in 2016.

neutral

forward looking

uncertain

2,016

660

the broad-based decline in the japanese yen led to upward pressure on the s$neer, although a strengthening in the us dollar, due to speculation of an early exit from quantitative easing in the us and renewed uncertainty over the european debt crisis, resulted in bouts of domestic currency weakness.

neutral

not forward looking

certain

2,013

388

growth momentum in the singapore economy should improve in the second half of 2024.

neutral

forward looking

uncertain

2,024

177

the decline largely reflected fluctuations in biomedical manufacturing, which are not expected to have significant spillover effects on the broader economy or on overall employment conditions.

neutral

forward looking

certain

2,005

859