Singapore inflation edges higher to 5.3% in June – 23Jul2012

SINGAPORE: Inflation in Singapore continues to climb with housing and transport costs topping the increase. The consumer price index (CPI), a key gauge of inflation, rose to 5.3 per cent year-on-year in June, according to a statement from the Department of Statistics. Although, economists expect inflation to recede in the later half of 2012, they expect private transport prices to stay up due to measures to reduce congestion. Based on the latest data, accommodation and private road transport costs accounted for around two-thirds of CPI-All Items inflation in June. Prices remain firm as the effect of housing becomes stronger, gaining 9.7 per cent in June. Transport cost was up 8.7 per cent last month from 2011. This was due to the sharp increase in vehicle’s certificate of entitlement (COE) premiums, given the further reduction in COE supply from August. Prakriti Sofar, vice president of Research at Barclays Bank, said: “There is definitely a structural issue at play here because what we are seeing the government’s labour policy continuing to feed into higher service sector prices within the economy. Pressure definitely remains because the government remains quite focus on its policy to try to mitigate congestion on the street.” Measured month-on-month, the index was unchanged after climbing 0.2 per cent in May. Excluding the costs of accommodation and private road transport, Monetary Authority of Singapore (MAS) core inflation was stable at 2.7 per cent for the third
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One Response to “Singapore inflation edges higher to 5.3% in June – 23Jul2012” Subscribe

  1. muhammad777ajmal December 20, 2012 at 8:33 am #

    what is the benefit for ordianiry people on the streets when sing dollar appreciate but price of things does not come down? for example one roti prata now we pay 90 cents that is half increase from 60 cents.prices are very hard to come down once it go up

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