30/09/2022
Inflation Goes High
通胀持续走高
On September 23, MAS disclosed that headline inflation increased to 7.5% YoY in August, and core CPI* increased to 5.1% YoY, a nearly 14-year-high.
9月23日，新加坡金管局（MAS）披露8月整体CPI同比增长至7.5%，核心CPI同比增长5.1%，创近十四年来的新高。
*CPI (Consumer Price index) measures the monthly change in prices paid by consumers. Simply put, CPI raise is equal to inflation rate.
CPI （居民消费价格指数）度量每月居民购买物价水平的变化。简单来说，CPI上涨等于通货膨胀率。
Food and services grew fast in August, accompanied by elevated electricity and gas price, contributes the consistent rise of core CPI. The pickup in food was mainly driven by meat and fruit, impacted by export restrictions in Malaysia. Services accounted for 31.7% of the core CPI, mainly due to the strong pickup in medial fees and holiday expenses. In terms of energy, 95% of its electricity replies on imported natural gas. Natural gas is in short supply and the price soars on a global level. Singapore’s natural gas imports have surged from $700 million in January to $1.15 billion in August. Besides, private transport and accommodation kept on high demand and price unceasingly edged up.
食品和服务在8月份快速增长，伴随着居高不下的电力和天然气价格，构成了核心通胀率的持续上涨。食品的主要由肉类和水果驱动，受到马来西亚出口限制的影响。服务业占核心CPI的31.7%，主要由于医疗开销和假期支出的强劲增长。能源方面，新加坡95%的电力供应依赖进口天然气。而今年天然气供应短缺和全球范围内的价格飙升。新加坡天然气进口额从1月的7亿新币增长至8月的11.5亿新币。除此之外，私人交通和住房需求旺盛，价格持续走高。
Imported inflation seems inevitable and inflation is likely to remain high. As a small open economy, Singapore relies on foreign imports for the vast majority of food and energy, which is vulnerable to external factors.
输入型通胀难以避免，通胀也很有可能居高不下。作为小型开放经济体，新加坡食品和能源绝大多数依赖外部进口，容易受到外部因素影响。
Since October 2021, MAS has tightened monetary policy four times. Although exchange rate centred monetary policy helps to ease imported inflation pressure, it may also curb domestic consumption and investment. In addition to it, slowing down global economic environment and weakening external demand expected in the second half of 2022 will fuel the vulnerability of Singapore's economic growth.
自2021年10月以来，新加坡政府已连续4次收紧货币政策。以汇率为中心的货币政策虽然有助于减轻输入型通胀压力，但是也可能会抑制国内的消费和投资，加之下半年全球经济环境放缓，外部需求减弱，加剧了新加坡经济增长的脆弱性。
A weaker economy leads to lower prices for equities at this moment, which may conversely make a good time to enter the market.
However, investors should always be cautious about the investment strategy and asset allocation.
For timely information on the economy and investment tips, watch this space and hit follow for more.
经济疲软导致此刻的股票价格降低，这可能反过来成为入市的好时机。
然而，投资者们应该始终对投资策略和资产配置保持谨慎。
有关经济的及时信息和投资建议，请点击本站并关注以获取更多信息。
For more individualised consultations on specific scenarios or if u want to leave a feedback, please send us a message. TGIF!
如果您想就具体情景进行更多的个性化咨询，或者想留下反馈意见，请给我们留言。TGIF!
