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Thread: UP: Singapore inflation climbs again to 5.4%

  1. #1
    Join Date
    Mar 2012
    Posts
    4,990

    Default UP: Singapore inflation climbs again to 5.4%

    SINGAPORE: Singapore's
    inflation rate accelerated in
    April to 5.4 per cent.
    The year-on-year increase in
    the consumer price index (CPI)
    is up from an increase of 5.2
    per cent in March, figures
    from the Department of
    Statistics show.
    Higher accommodation costs
    were the major contributor to
    the April increase.
    Private road transport costs
    also continued to climb
    because of elevated COE
    prices, although they rose at a
    slower pace than in March.
    The Monetary Authority of
    Singapore's (MAS) core
    inflation rate, which excludes
    accommodation and private
    road transport, fell in April to
    2.7 per cent from 2.9 per cent
    the previous month. It
    attributed the decline to lower
    services and food inflation.
    MAS reiterated its forecast for
    inflation to "remain elevated
    over the next few months,
    before easing gradually" in
    the second half of 2012.
    The central bank forecasts CPI
    inflation at 3.5 per cent to 4.5
    per cent for the year as a
    whole, and core inflation in
    the range of 2.5 per cent to
    3.0 per cent.
    The MAS said accommodation
    costs, which include imputed
    rentals on owner-occupied
    homes, will remain the biggest
    contributor to consumer
    inflation this year, "as leasing
    contracts continue to be
    renewed at rentals that are
    considerably higher than those
    under existing contracts,
    especially in the HDB
    segment".
    "Car prices could also
    increase if COE premiums rise
    further in response to tight
    COE supply," the MAS
    statement said.
    "In addition, wages and other
    costs will likely continue to
    pass through to consumer
    prices, albeit at a more
    moderate pace than that
    during early this year."
    - CNA/wm

  2. #2
    Join Date
    Jun 2009
    Posts
    2,309

    Default

    Quote Originally Posted by carbuncle
    SINGAPORE: Singapore's
    inflation rate accelerated in
    April to 5.4 per cent.
    The year-on-year increase in
    the consumer price index (CPI)
    is up from an increase of 5.2
    per cent in March, figures
    from the Department of
    Statistics show.
    Higher accommodation costs
    were the major contributor to
    the April increase.
    Private road transport costs
    also continued to climb
    because of elevated COE
    prices, although they rose at a
    slower pace than in March.
    The Monetary Authority of
    Singapore's (MAS) core
    inflation rate, which excludes
    accommodation and private
    road transport, fell in April to
    2.7 per cent from 2.9 per cent
    the previous month. It
    attributed the decline to lower
    services and food inflation.
    MAS reiterated its forecast for
    inflation to "remain elevated
    over the next few months,
    before easing gradually" in
    the second half of 2012.
    The central bank forecasts CPI
    inflation at 3.5 per cent to 4.5
    per cent for the year as a
    whole, and core inflation in
    the range of 2.5 per cent to
    3.0 per cent.
    The MAS said accommodation
    costs, which include imputed
    rentals on owner-occupied
    homes, will remain the biggest
    contributor to consumer
    inflation this year, "as leasing
    contracts continue to be
    renewed at rentals that are
    considerably higher than those
    under existing contracts,
    especially in the HDB
    segment".
    "Car prices could also
    increase if COE premiums rise
    further in response to tight
    COE supply," the MAS
    statement said.
    "In addition, wages and other
    costs will likely continue to
    pass through to consumer
    prices, albeit at a more
    moderate pace than that
    during early this year."
    - CNA/wm
    At this rate, the $100K you hold in the bank is now worth less than $95K!

    In 10 year's time, it will be worth less than $50K !

    Quick! Go buy properties NOW !

    DKSG

  3. #3
    Join Date
    Apr 2012
    Posts
    321

    Default

    in 10 yrs time - can of coke at least $3

  4. #4
    Join Date
    Jun 2009
    Posts
    5,675

    Default

    Nowadays food court and hawker dishes so expensive and portion so small...

  5. #5
    Join Date
    Feb 2011
    Posts
    8,926

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    5kg Royal Umbrella Index now at 15.80
    was $10.80 in April 2008, UP 50% in 4y

    NTUC Fairprice Fragrant Jasmine 5kg $7.80 now,
    was $5.75 in 2008, up 34.8% in 4y

    Sugar almost up 100% from 2007

    Ride at your own risk !!!

  6. #6
    Join Date
    Feb 2011
    Posts
    8,926

    Default





    Last edited by phantom_opera; 23-05-12 at 22:07.
    Ride at your own risk !!!

  7. #7
    Join Date
    Mar 2012
    Posts
    4,990

    Default

    Quote Originally Posted by phantom_opera
    5kg Royal Umbrella Index now at 15.80
    was $10.80 in April 2008, UP 50% in 4y

    NTUC Fairprice Fragrant Jasmine 5kg $7.80 now,
    was $5.75 in 2008, up 34.8% in 4y

    Sugar almost up 100% from 2007

    Shocking indeed!!!! Eat less rice. More curry from Lulu

  8. #8
    Join Date
    Jul 2009
    Posts
    7,482

    Default

    Doesn't come as a surprise. All that money printing in US and Europe will have some leakages to this part of the world.

  9. #9
    Join Date
    Apr 2009
    Posts
    5,841

    Default

    Things will get as expensive as london someday. When I was schooling in england last time, kids slot one pound coins into the machines in arcades, at that time exchange rate was 1 pound to $3. A bowl of wanton soup with only four miserable wantons in a chinese restaurant cost 2.5 pounds, which was $7.50 back then. As a student, I had to cook in the hostel most of the time. In singapore, we will one day experience this kind of prices.

  10. #10
    Join Date
    Feb 2011
    Posts
    8,926

    Default Inflation moderated but housing inflation still elevated

    August's inflation at 3.9%, lowest since November 2010

    Housing was the biggest contributor to August inflation, rising 6.1 per cent from a year earlier.

    Accommodation cost, a subset of housing, slowed to 7.4 per cent year-on-year in August from 7.8 per cent in July as residential property rentals rose at a more moderate pace.
    Ride at your own risk !!!

  11. #11
    Join Date
    Mar 2009
    Posts
    6,134

    Default

    Quote Originally Posted by DKSG
    At this rate, the $100K you hold in the bank is now worth less than $95K!

    In 10 year's time, it will be worth less than $50K !

    Quick! Go buy properties NOW !

    DKSG

    Wrong. Buy Commodity and GOLD!!!

  12. #12
    Join Date
    Mar 2009
    Posts
    6,134

    Default

    Quote Originally Posted by phantom_opera
    5kg Royal Umbrella Index now at 15.80
    was $10.80 in April 2008, UP 50% in 4y

    NTUC Fairprice Fragrant Jasmine 5kg $7.80 now,
    was $5.75 in 2008, up 34.8% in 4y

    Sugar almost up 100% from 2007


    Crude Oil was USD $30 a barrel. USD 1.8 , Euro 2.6 , Pound 2.8 back then too. I think 2nd half will have major inflation again. Plus US corn harvest is bad.. which is the base commodity in many product from meat to oil.....

  13. #13
    Join Date
    Feb 2011
    Posts
    8,926

    Default Singapore September inflation way above forecast at 4.7%

    up up up

    By Kevin Lim
    SINGAPORE, Oct 23 (Reuters) - Singapore's inflation quickened in September as car prices and rents soared from a year ago, increasing the pressure on the government for a more aggressive stance including further measures to cool the property market.
    The city-state's consumer price index rose 4.7 percent in September from a year ago, up from August's 3.9 percent increase. Economists polled by Reuters had expected a reading of 4.2 percent.
    Private road transport was the biggest contributor to September inflation, gaining 10.8 percent year-on-year following a 6.3 percent increase in August, but economists noted price pressures building up in other areas.
    "Looking across the spectrum we're starting to see persistent price increases in services cost, namely healthcare. It shows there's an underlying force, an upward bias led by wages, which is impacting more of the services component," said Barclays regional economist Leong Wai Ho.
    Francis Tan, an economist at United Overseas Bank, said the government will have to introduce measures to complement steps taken by the central bank, as Singapore's use of an appreciating currency to manage monetary policy is of limited value against domestic price pressures.
    "The recent October policy is not going to be of much help. It's not imported inflation that we are looking at right now but cars and rents. The tight labour market and wage pressures are going to raise business costs and trickle to expected inflation," he added.
    The Monetary Authority of Singapore earlier this month defied forecasts by keeping monetary policy tight and allowing the local dollar to appreciate at its current pace, bucking the regional trend as it warned of persistent inflationary pressures in a slowing economy.
    But while the stronger currency has helped keep a lid on prices of imports, domestic pressures within Singapore have continued to keep inflation well above historic levels.
    Inflation averaged 5.2 percent last year, above the official forecast of around 5 percent and the 30-year average of 2.2 percent.
    The monetary authority now expects inflation to slightly exceed its most recent forecast of 4.0 to 4.5 percent for 2012, which is much higher than the 2.5 to 3.5 percent outlook it gave at the start of the year.
    The Singapore dollar rose slightly to around 1.2203 against the dollar from 1.2212 before the inflation data.
    Malaysia last week reported annual inflation of 1.3 percent in September, the lowest in two years, while Indonesia's year-on-year inflation dipped to 4.31 percent in September from 4.58 percent in August.
    MONETARY POLICY, CARS
    Singapore car prices have soared over the past year mainly due to government measures to control the number of cars in the city-state via certificates of entitlement (COEs) that motorists need before buying a new car.
    Due to a jump in COE prices, the asking price for a new Toyota Vios is around S$120,000, up from around S$74,000 at the start of the year, according to prices tracked by motoring website sgcarmart.com.
    \
    Tim Condon of ING Financial Markets said Singapore's inability to keep inflation is check is partly due to its exchange rate policy that ties short-term interest rates to U.S. rates. The city-state
    "You've got conditions that short-term interest rates will remain zero for an extended period. That is stoking expectation of property price inflation, which then feeds into consumer price index expectations," he said.
    Ride at your own risk !!!

  14. #14
    Join Date
    May 2009
    Posts
    3,677

    Default

    Quote Originally Posted by phantom_opera
    up up up

    By Kevin Lim
    SINGAPORE, Oct 23 (Reuters) - Singapore's inflation quickened in September as car prices and rents soared from a year ago, increasing the pressure on the government for a more aggressive stance including further measures to cool the property market.
    The city-state's consumer price index rose 4.7 percent in September from a year ago, up from August's 3.9 percent increase. Economists polled by Reuters had expected a reading of 4.2 percent.
    Private road transport was the biggest contributor to September inflation, gaining 10.8 percent year-on-year following a 6.3 percent increase in August, but economists noted price pressures building up in other areas.
    "Looking across the spectrum we're starting to see persistent price increases in services cost, namely healthcare. It shows there's an underlying force, an upward bias led by wages, which is impacting more of the services component," said Barclays regional economist Leong Wai Ho.
    Francis Tan, an economist at United Overseas Bank, said the government will have to introduce measures to complement steps taken by the central bank, as Singapore's use of an appreciating currency to manage monetary policy is of limited value against domestic price pressures.
    "The recent October policy is not going to be of much help. It's not imported inflation that we are looking at right now but cars and rents. The tight labour market and wage pressures are going to raise business costs and trickle to expected inflation," he added.
    The Monetary Authority of Singapore earlier this month defied forecasts by keeping monetary policy tight and allowing the local dollar to appreciate at its current pace, bucking the regional trend as it warned of persistent inflationary pressures in a slowing economy.
    But while the stronger currency has helped keep a lid on prices of imports, domestic pressures within Singapore have continued to keep inflation well above historic levels.
    Inflation averaged 5.2 percent last year, above the official forecast of around 5 percent and the 30-year average of 2.2 percent.
    The monetary authority now expects inflation to slightly exceed its most recent forecast of 4.0 to 4.5 percent for 2012, which is much higher than the 2.5 to 3.5 percent outlook it gave at the start of the year.
    The Singapore dollar rose slightly to around 1.2203 against the dollar from 1.2212 before the inflation data.
    Malaysia last week reported annual inflation of 1.3 percent in September, the lowest in two years, while Indonesia's year-on-year inflation dipped to 4.31 percent in September from 4.58 percent in August.
    MONETARY POLICY, CARS
    Singapore car prices have soared over the past year mainly due to government measures to control the number of cars in the city-state via certificates of entitlement (COEs) that motorists need before buying a new car.
    Due to a jump in COE prices, the asking price for a new Toyota Vios is around S$120,000, up from around S$74,000 at the start of the year, according to prices tracked by motoring website sgcarmart.com.
    \
    Tim Condon of ING Financial Markets said Singapore's inability to keep inflation is check is partly due to its exchange rate policy that ties short-term interest rates to U.S. rates. The city-state
    "You've got conditions that short-term interest rates will remain zero for an extended period. That is stoking expectation of property price inflation, which then feeds into consumer price index expectations," he said.

    just limit the number of COEs, fix the price of COEs and whoever wants to get a car ballot for it.

    with a freaking COE, i can buy 2-3 cars just across the causeway.

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