Tag Archives: consumer price index

Singapore inflation ticks up in June

Posted on 24 Jul 2012 | Comments Off on Singapore inflation ticks up in June

Singapore’s consumer price index (CPI) for June grew 5.3 percent from last year and was higher than May’s 5.0 percent.

The inflation number was also slightly above the 5.2 percent median forecast of 13 economists polled by Reuters.

Meanwhile, the Monetary Authority of Singapore’s (MAS) core inflation measure rose 2.7 percent year-on-year and was flat month-on-month.

MAS and the Ministry of Trade and Industry (MTI) declared that “core inflation will ease further in 2H2012 and average between 2.5 to 3.0 percent for the whole year”.

However, headline inflation is expected to stay in the upper half of the 3.5 to 4.5 percent official forecast this year.

“It’s a tad higher than expected. It’s always a case of playing cat and mouse with the two culprits – housing or private transportation CPI,” noted Song Seng Wun, an economist at CIMB Research.

“This time it was the housing rental side which caused the CPI to be a little bit more firm than what we were going for.”

“The good thing is that despite the ups and downs of housing and private transportation costs, the underlying inflation – the MAS core – remained relatively stable at 2.7 percent,” Song added.

Source PropertyGuru – 2012 Jul 24

 

 

 

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Singapore April inflation rate up as housing costs soar

Posted on 24 May 2012 | Comments Off on Singapore April inflation rate up as housing costs soar

Singapore inflation hit a slightly higher-than-expected % in April, increasing the chance that it may exceed a government forecast for the year and putting pressure on the central bank to keep a tighter monetary policy.

A Reuters poll of 12 economists had forecast a rise of 5.3%. In March, the year-on-year inflation rate surprisingly spiked to 5.2% from 4.6% the previous month.

Headline inflation “could average around 5% year-on-year in the first half of 2012 before easing gradually in second half,” the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry said on Wednesday in a statement reporting the April data.

“Accommodation cost will remain the largest contributor to inflation this year as leasing contracts continue to be renewed at rentals that are considerably higher than those under existing contracts, especially in the (public housing) segment,” it said.

The central bank reiterated its forecast for headline inflation of 3.5-4.5% for 2012 and for core inflation, which excludes private road transport and accommodation costs, of 2.5-3.0%.

But the latest data makes some analysts wonder if inflation can be low enough in the second half to stay under 4.5% for the year.

Song Seng Wun, economist at CIMB, said that upward pressure from premiums that Singapore charges car buyers and housing costs will put inflation in the 4.5-5.0% range for the full year.

Wai Ho Leong, regional economist at Barclays, said that with wages rising, inflation “is going to be surprisingly high for the next two months” at around 5% and “possibly even higher”.

Source: PropertyReport – 2012 May 22

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