This is expected if core inflation does not moderate.
Analysts are expecting that the central bank could tighten the monetary policy in April 2023 if inflation worsens.
The government reported that headline inflation increased 0.2% month-on-month and 6% year-on-year whilst core inflation grew 0.8% MoM and 5.5% YoY.
Although authorities foresee a slowdown of inflation in the first half of 2023, there will still be further tightening in 2023, UOB said in its report.
Echoing this, RHB said the monetary policy will be tightened to anchor inflation expectations.
RHB said the growth in January stemmed from GST rate increase and effects from the Lunar New Year events.