CPI y/y (SGD) comes in at 2.3% against 2.3% consensus

The latest CPI y/y for Singapore was reported at 2.3%. This figure matched the consensus estimate of 2.3%. The previous month’s reading was 2.2%. The print showed no surprise against consensus, registering 0.0%.

Following the release, USDSGD showed a limited market reaction. Five minutes after the data, USDSGD was down 0.1 pips. Fifteen minutes after the release, USDSGD was up 0.1 pips. Historically, USDSGD has shown a median 1-hour move of 3 pips after past CPI y/y releases, with top-quarter releases moving 4+ pips. The measured moves so far are small when compared to the typical historical movements. Directional reliability statistics are not yet available for this release.