Singaporeans expect prices for household durables & services to have picked up in the second quarter.
This chart shows the latest quarterly inflation expectations from the DBS-SKBI Singapore Index of Inflation Expectations Survey, conducted by DBS and the Sim Kee Boon Institute for Financial Economics of the Singapore Management University.
The one-year-ahead headline inflation expectations stayed at 2.7% in June, bucking the upward trend since September 2020.
Based on an online survey of 500 randomly selected individuals representing a cross-section of Singaporean households, the study found that Singaporeans expect the prices of household durables and services to have gone up slightly in the second quarter. On the other hand, inflation for recreation and culture, and miscellaneous goods and services are expected to go down.
The June 2021 results also suggest that there is some limited increase in household spending on housing and utilities, offsetting lower transportation expenses whilst work-from-home arrangements are still prevalent.
“As vaccination progresses and gradual economic re-opening comes into focus, consumer confidence is likely to improve, which may also be associated with a rise in inflation expectations. But having recovered earlier this year, price expectations have stabilised in Singapore. This perhaps reflects lingering uncertainty about the timing and extent of reopening this year, casting a shadow on the outlook for a further rise in demand, wages, and prices,”said DBS Chief Economist and Managing Director of Group Research Taimur Baig.
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