SINGAPORE, Dec 26 (Reuters) – Singapore’s key consumer price gauge slowed to 3.2% in November on the year, in line with expectations, official data showed on Tuesday, and headline inflation fell to 3.6%.

In a joint statement, the Monetary Authority of Singapore and the trade ministry said headline and core inflation were projected to average 3.0–4.0% and 2.5–3.5% respectively in 2024.

The core inflation rate – which excludes private road transport and accommodation costs – slowed from 3.3% in October, while headline inflation dropped from 4.7% in October, and was lower in November than economists’ forecast of 3.8%.

The central bank is set to review monetary policy settings next month after it changed the frequency of policy reviews from a semi-annual to a quarterly schedule.

Manufacturing data, also released on Tuesday, showed that manufacturing output increased 1.0% in November on a year-on-year basis.