[News] Singapore's Inflation

[zuoom]

as with China's CPI at 5%, this is going to be the benchmark that will lead the rest of the world.

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SINGAPORE: Data from the Department of Statistics (DOS) showed that November's Consumer Price Index (CPI) rose 3.8 per cent compared to a year ago.

That is above the 3.7 per cent increase reached in September, which was then the highest level reached for this year. The figure was in line with market expectations, though it accelerated from the 3.5 per cent on-year hike in October.

Last month's CPI was driven by higher costs of transport, housing and food.

Excluding accommodation costs, DOS said inflation was 3.7 per cent higher.

On-year, transport costs registered the highest increase at 9.4 per cent while housing cost followed with 4.0 per cent increase. In particular, the increase in the cost of transport stemmed mainly from higher prices of cars as premiums for certificates of entitlement soared.

Compared to the previous month, CPI was 0.3 per cent higher in November as a result of higher costs of housing, transport as well as recreation & others.

Housing costs rose by 0.5 per cent on-month due to higher accommodation costs while transport was 0.4 per cent higher from the previous month mainly due to the higher prices for cars and petrol.

The increase in holiday travel cost and salary for foreign maids also raised the index for "recreation & others" by 0.5 per cent on-month, according to the DOS.

-CNA/ac

http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1100806/1/.html

via : http://forums.hardwarezone.com.sg/showthread.php?t=3037990

[Vorsprung durch Technik]

all thanks to the increased COE. food is definitely also. nowadays $3 chicken rice looks my sec school days canteen which cost $1.50 back then.

[zuoom]

Annual inflation at 2-year high in Dec
Mon, Jan 24, 2011
Reuters

SINGAPORE - Singapore's annual inflation hit 4.6 percent in December, the highest since December 2008, and analysts said if the rate accelerated further in the first few months of 2011 as expected, the central bank was likely to maintain or further tighten policy at its April meeting.

The city-state's consumer price index was up a seasonally adjusted 0.9 percent from November, the Department of the Statistics said.


SOURCE: http://business.asiaone.com/Business/News/Story/A1Story20110124-259955.html

via : http://forums.hardwarezone.com.sg/showthread.php?t=3080399

[zuoom]

Singapore inflation climbs to 5.9% in February

Inflationary threats are definitely increasing and food inflation has also been rising steadily, said DBS, adding that inflation surged to 5.9 percent in February this year.

During the Lunar New Year, retailers seized the opportunity created by heightened demand for food products to increase their prices.

While this is usually apparent before the festive season, a spill-over into the succeeding month is also expected. This involves higher food inflation.

Food accounted for 22 percent of the consumer price index (CPI) basket and food inflation has been increasing consistently over the past year.

Food inflation surged from 0.2 percent in January 2010 to 2.8 percent during the same period this year. Consistent with the UN food price index, food inflation has already exceeded its 2008 peak and continues to increase.

Supply-side shocks accounted for most of the increases. However, the possibility of strong demand on the back of positive economic growth in the region should not be discounted.

via : http://sg.news.yahoo.com/inflation-climbs-5-9-february-20110321-090000-532.html

[zuoom]

still rising.

why?

[Vorsprung durch Technik]

rising because the country is being carrot'd in buying the commodities it doesn't produce. in another words, you are the mercy of others. so only way to tame it is thru monetary policy.

[zuoom]

http://mobile.bloomberg.com/news/2011-09-23/singapore-inflation-unexpectedly-accelerates-complicating-policy-decision.html

With the drop in exchange rate recently, this will only adds to the inflation.

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AsiaOne
Wednesday, Nov 23, 2011

SINGAPORE - The consumer price index (CPI) increased by 5.4 per cent in October 2011, reflecting mainly higher costs of accommodation, private road transport and food.

According to the Department of Statistics, transport rose 10.5 per cent in October, compared with last year, while housing rose 9.9 per cent. Food was 3.5 per cent more expensive.

But the pace of price increases has slowed, with the CPI rising just 0.4 per cent in October, comapared with September.

Inflation is expected to be at 5 per cent for the whole year, said MAS, but should ease next year to between 2.5 per cent and 3.5 per cent.

[zuoom]

http://sg.news.yahoo.com/singapore-nov-inflation-5-7-pct-y-y-050533713.html

* Nov CPI +0.7 m/m s/adj vs +0.33 pct f/cast

* Nov CPI +5.7 pct y/y vs +5.3 pct f/cast

* MAS's core inflation measure +0.3 pct m/m; +2.4 pct y/y

SINGAPORE, Dec 23 (Reuters) - Singapore's Department of Statistics released consumer price index data for November on Friday:

PCT NOV OCT SEP AUG JUL JUN MAY APR

*MoM 0.7 0.2 0.0 0.5 0.6 0.4 0.6 0.0

YoY 5.7 5.4 5.5 5.7 5.4 5.2 4.5 4.5

* Data is seasonally adjusted

CONTEXT:

- Transportation prices rose 11.6 percent from a year ago due to "the significant increase in Certificate of Entitlement premiums and petrol prices", the Department of Statistics said.

- Housing costs gained 10.0 percent year-on-year due to higher rents and electricity tariffs. "The higher accommodation costs mainly reflected higher imputed rentals of owner-occupied accommodation, which has no impact on the cash expenditure of owner-occupied households," the department added.

- The central bank's core inflation measure, which excludes changes in the price of cars, accommodation and other categories influenced by government policy, rose 0.3 percent month-on-month, similar to October's 0.3 percent pace.

- The core inflation measure rose 2.4 percent in November from a year ago, unchanged from 2.3 percent in October.

- Prices in Singapore rose 5.2 percent in January to November compared to the year-ago period.

- The Monetary Authority of Singapore (MAS) expects inflation of 2.5 to 3.5 percent next year, compared to around 5 percent this year.

MARKET IMPACT:

- November's higher-than-expected inflation figure makes it difficult for the central bank to ease its tightening bias despite continued weakness in manufacturing, in particular electronics.

- MAS retained its bias for a modest and gradual appreciation of the Singapore dollar in its October monetary policy statement, but said it would reduce the pace of appreciation.

(Reporting by Kevin Lim)

strange. still climbing. why?

[zuoom]

By Kevin Lim
SINGAPORE, April 23 (Reuters) - Singapore's inflation accelerated sharply in March, led by a jump in the cost of cars and housing, suggesting the central bank may tighten monetary policy further when it comes up for review in October.

The city-state's consumer price index (CPI) rose 5.2 percent in March from a year earlier, the government said on Monday, far exceeding February's 4.6 percent pace and beating the estimates of all 11 economists polled by Reuters.

"Singapore is in danger of losing its low inflation status," Robert Prior-Wandesforde of Credit Suisse said in a client note.

"The current episode is the second 'major' inflation shock Singapore has experienced in the last four years; but what makes this time different from 2008 is that inflation in most other Asian countries remains well contained."

Headline inflation "could average around 5 percent year-on-year in the first half before easing gradually in the second half of 2012," the Ministry of Trade and Industry (MTI) and the Monetary Authority of Singapore (MAS) said in a joint statement.

They said housing would remain the largest contributor to inflation this year as rental contracts were renewed at "considerably higher" levels, especially in government-built HDB apartments, which tend to be rented out to people on lower incomes.

Housing, which rose 9.1 percent from a year earlier, and transport, which rose 8.6 percent, were the biggest contributors to inflation in March, data from MTI showed.

DOMESTIC PRESSURES

While higher oil prices have played a part, inflation in Singapore is mainly being exacerbated in areas that make it harder for companies to bring in low-cost foreign workers, as well as moves to curb the number of cars.
For example, a certificate of entitlement (COE), which adds to the cost of buying a car in Singapore, has risen by nearly 40 percent since the start of the year, resulting in a spike in vehicle prices.

A new entry-level Toyota Vios sedan now costs S$107,000 ($85,700) including COE, up from around S$77,000 at the start of the year, according to motoring website SGcarmart.com.

Leslie Tang, an economist at OSK-DMG, said the main factors driving inflation were domestic and did not affect the rest of the region.

"Since 2008, most of the inflation in Singapore is due to policy-induced factors. Over 70 percent of the increase in the CPI has been due to housing and transport," he said.

via : http://vagsg.com/forums/showthread.php?t=67525