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Posted May 22, 2026 at 12:37 pm
This Monday’s Consumer Price Index (CPI) for Singapore is expected to reflect an increase as elevated oil costs propel broad inflationary pressures. The 1.8% year-over-year (y/y) reading from March is projected to have risen to 2% in April, according to median prediction of the 12 forecasters surveyed in the monthly Reuters poll. Meanwhile, the minimum and maximum projections are 1.8% and 2.3%. But a lift here makes sense, and I don’t agree with economists that believes we are in for an unchanged figure, as we have been experiencing a consistent theme around the world of the energy shock broadening to general goods and services. For this reason, I find the “Yeses” at 1.4%, 1.6% and 1.8% to be potentially undervalued, since the path to a flat 1.8% statistic is very narrow, in my opinion. Those contracts are priced at $0.93, $0.82 and $0.53.
There’s little reason to believe that Singapore’s Gross Domestic Product (GDP) growth will be downgraded from 5.1% to 3.9%, as that would mark a sizeable 1.2 percentage point reduction. Historically, the absolute changes between the preliminary and final prints shift by median and average amounts of 0.3 and 0.6 percentage points. Against that backdrop, the 3.9% “Yes” at $0.85 is undervalued, in my opinion.
Source for images: ForecastEx
Note: Prices are highest bids as of the morning of May 22, 2026.
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