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Macro snapshot: no need for CPI panic (yet)

■ More than half of Singapore’s Oct’s 3.2% yoy headline CPI growth was contributed by private transportation, which rose by 14.3% yoy.
■ Due to ongoing global inflation, we believe a further increase in the S$NEER slope in the next MPC meeting in Apr 2022 is on the cards.
■ Retail sales should continue to improve as ICU bed capacity has become publicly available, Covid-19 restrictions ease, and the number of VTLs rises.

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