Thursday December 27, 2007

Singapore CPI inflation hits 25-year high of 4.2% in November

This article belongs to the Singapore inflation watch story arc.

channelnewsasia.com :

Singapore's consumer prices rose faster-than-expected in November, underpinned by higher costs for food and housing, said the Department of Statistics on Friday [21 Dec 2007]. The consumer price index - a non-core measure of costs for goods and services - rose 4.2% from a year earlier, after rising 3.6% in October.

Last month, the government raised its inflation forecast for next year to 3.5-4.5%, with a peak at around 5% at the start of 2008. Rising costs of imported goods and a robust real estate market sparked a pickup in inflation late this year, prompting the central bank to tighten monetary policy in October.

Housing costs increased on account of higher rents. Prices for food were higher as a result of more expensive vegetables, bread, and fresh pork. Transport expenses also increased, mainly as a result of more costly gasoline.

- Inflation is taking off worldwide. The major central banks are increasing money supply at double-digit rates. There is nowhere to hide.

See also :

1. Singapore CPI inflation hits 16-year high
2. China CPI inflation surges to 11-year high of 6.9% on food, fuel
3. Fuel prices seen stoking Malaysia inflation in 2008
4. European money supply growth accelerated unexpectedly in October

Updated :

1. Singapore CPI inflation rate for May 2008 continues at 26-year high of 7.5%
2. Singapore inflation rate hits new 26-year high of 7.5% in Apr 2008
3. Singapore CPI inflation rate hits 6.7% for Mar 2008, fastest in 26 years

(2007-12-27 23:33:58 SGT) [Biz] Permalink

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