Inflation dynamics and expectations in Singapore

Inflation dynamics in Singapore have primarily been shaped by foreign factors, including global inflationary pressures and external macroeconomic shocks. More recently, the normalisation phase of the Covid-19 pandemic crisis has led to domestic price pressures from pent-up demand and supply-chain di...

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Main Author: CHOW-TAN, Hwee Kwan
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Language:English
Published: Institutional Knowledge at Singapore Management University 2023
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Online Access:https://ink.library.smu.edu.sg/soe_research/2705
https://ink.library.smu.edu.sg/context/soe_research/article/3704/viewcontent/Inflation_iris_upload.pdf
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spelling sg-smu-ink.soe_research-37042024-01-04T06:57:30Z Inflation dynamics and expectations in Singapore CHOW-TAN, Hwee Kwan Inflation dynamics in Singapore have primarily been shaped by foreign factors, including global inflationary pressures and external macroeconomic shocks. More recently, the normalisation phase of the Covid-19 pandemic crisis has led to domestic price pressures from pent-up demand and supply-chain disruptions. Meanwhile, the war in Ukraine has resulted in a hike in the global prices of food, energy, and industrial commodities. Using inflation forecasts from the MAS Survey of Professional Forecasters as our measure of inflation expectations, we show that short-term inflation expectations have shifted up recently. Moreover, greater disagreement amongst survey respondents in the more recent surveys suggests individual short-term inflation expectations may also be slipping. The Monetary Authority of Singapore (MAS) has promptly responded to the elevated price pressures by repeatedly tightening monetary policy. Such forceful policy responses reveal the central bank’s resolve to maintain price stability, which will help to ensure that inflation expectations in Singapore remain anchored. 2023-05-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/soe_research/2705 info:doi/10.1007/978-3-031-27949-2_5 https://ink.library.smu.edu.sg/context/soe_research/article/3704/viewcontent/Inflation_iris_upload.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection School Of Economics eng Institutional Knowledge at Singapore Management University Inflation expectations Singapore monetary policy Pandemic crisis Asian Studies Econometrics Macroeconomics
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic Inflation expectations
Singapore monetary policy
Pandemic crisis
Asian Studies
Econometrics
Macroeconomics
spellingShingle Inflation expectations
Singapore monetary policy
Pandemic crisis
Asian Studies
Econometrics
Macroeconomics
CHOW-TAN, Hwee Kwan
Inflation dynamics and expectations in Singapore
description Inflation dynamics in Singapore have primarily been shaped by foreign factors, including global inflationary pressures and external macroeconomic shocks. More recently, the normalisation phase of the Covid-19 pandemic crisis has led to domestic price pressures from pent-up demand and supply-chain disruptions. Meanwhile, the war in Ukraine has resulted in a hike in the global prices of food, energy, and industrial commodities. Using inflation forecasts from the MAS Survey of Professional Forecasters as our measure of inflation expectations, we show that short-term inflation expectations have shifted up recently. Moreover, greater disagreement amongst survey respondents in the more recent surveys suggests individual short-term inflation expectations may also be slipping. The Monetary Authority of Singapore (MAS) has promptly responded to the elevated price pressures by repeatedly tightening monetary policy. Such forceful policy responses reveal the central bank’s resolve to maintain price stability, which will help to ensure that inflation expectations in Singapore remain anchored.
format text
author CHOW-TAN, Hwee Kwan
author_facet CHOW-TAN, Hwee Kwan
author_sort CHOW-TAN, Hwee Kwan
title Inflation dynamics and expectations in Singapore
title_short Inflation dynamics and expectations in Singapore
title_full Inflation dynamics and expectations in Singapore
title_fullStr Inflation dynamics and expectations in Singapore
title_full_unstemmed Inflation dynamics and expectations in Singapore
title_sort inflation dynamics and expectations in singapore
publisher Institutional Knowledge at Singapore Management University
publishDate 2023
url https://ink.library.smu.edu.sg/soe_research/2705
https://ink.library.smu.edu.sg/context/soe_research/article/3704/viewcontent/Inflation_iris_upload.pdf
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