Singapore’s disinflation trajectory is “well entrenched” and the economy’s recovery will extend to 2025, the central bank said in its latest analysis, while warning of growth and price hike risks.

Core inflation is expected to end the year at around 2 percent, while near-term growth was stronger than expected, the Monetary Authority of Singapore said in its biannual macroeconomic review published on Monday. MAS core inflation is expected to average around the midpoint of its forecast range of 1.5-2.5% in 2025.