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Home  >>   Daily News  >>   Singapore News  >> Economy  >> Singapore's inflation rises to 2.6% in November
NEW UPDATES Asean Affairs   24 December 2013  

Singapore's inflation rises to 2.6% in November

Singapore's inflation continued to pick up pace in November due to higher accommodation cost and increases in all other major categories.

The consumer price index rose to 2.6 per cent on-year in November, compared to 2.0 per cent in October, according to the latest data from the Department of Statistics.

This was largely in line with economists' expectations.

In a statement, the Ministry of Trade and Industry and the Monetary Authority of Singapore (MAS) said the increase had been anticipated earlier as service and conservancy charges rebates to HDB households had kept housing-related costs down in October.

As a result, accommodation cost rose by 3.3 per cent, higher than the 1.9 per cent increase in October. Increases in accommodation cost accounted for around half of the 0.6 per cent pick-up in overall inflation in November.

Private road transport costs climbed 3.4 per cent, following an increase of 2.7 per cent in October, mainly as a result of higher COE premiums. Petrol pump prices were also higher compared to a year ago.

Services inflation increased to 2.8 per cent in November from the 2.5 per cent recorded in October, led by pricier holiday travel and household services.

Food inflation inched up to 2.6 per cent in November from 2.5 per cent a month ago, primarily due to price increases for non-cooked food items.

MAS Core Inflation, which excludes the costs of accommodation and private road transport, edged up to 2.1 per cent in November compared to 1.8 per cent a month ago. This was due to stronger contributions from services and food items.

MAS said overall imported inflation is expected to remain subdued because of spare production capacity in the advanced economies and ample supply buffers in the commodity markets.

However, the pass-through of domestic costs to prices of consumer services could intensify as a result of the rising cost pressures that firms are facing from business rentals and labour costs.

Taking these factors into account, MAS Core Inflation is expected to rise over the next few quarters and average 1.5-2 per cent in 2013 and 2-3 per cent in 2014.

Singapore's overall headline inflation is projected to come in at 2.5-3 per cent in 2013 and 2-3 per cent in 2014.



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ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


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