Singapore's inflation up 5.2% in March
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SINGAPORE: Singapore's inflation rate rose to 5.2 per cent on-year in March 2012, from 4.6 per cent the previous month.
This was attributed to a sharper increase in COE premiums which led to higher car prices.
According to the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI), "private road transport cost added 1.3 percentage points to CPI-All Items inflation in March, slightly more than twice its contribution in February".
Meanwhile, prices of retail items, such as clothing and footwear, rose more moderately compared to the previous month. Clothing and footwear prices rose 1.2 per cent year-on-year in March compared to 1.6 per cent year-on-year the previous month.
Services and food inflation were broadly stable, at 3.0 per cent and 2.7 per cent respectively.
The MAS' measure of core inflation, which excludes accommodation and private road transport, eased to 2.9 per cent in March compared to a year earlier, from 3.0 per cent in February.
In a statement, the MAS said inflation will likely remain elevated over the next few months, before easing gradually in the second half of this year. It reiterated that the CPI-All items inflations is expected to average around 5 per cent year-on-year in the first half of this year, while core inflation is forecast to hover around 3 per cent.
Accommodation cost will contribute more than a third to CPI-All Items 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". Other drivers of inflation include higher car prices and services fees, as "wages and other costs will likely continue to pass through to consumer prices".
For the year, MAS expects the CPI-All Items inflation to be 3.5 to 4.5 per cent while Core Inflation will likely be in the range of 2.5 to 3.0 per cent.
- CNA/cc -
Inflation higher than interest rates.
I thought recession now, how come still got inflation?
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Times are bad.
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Aiyoh all the Thai lady service providers at Golden Mile Complex sure increase price.
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Originally posted by speakoutfor:
Aiyoh all the Thai lady service providers at Golden Mile Complex sure increase price.
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So much inflation.
Everything going up except your own salary.
Haiz.
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I got afeeling cai png might increase price again soon.
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It's true.
The fish fillet at cai png store increased by 10 cents.
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Govt closely monitoring inflation: DPM Tharman
SINGAPORE: Deputy Prime Minister and Minister for Finance and Manpower Tharman Shanmugaratnam has assured Singaporeans that the government is closely monitoring inflation including prices of everyday goods and services.
Speaking at the May Day dinner, he noted that inflation remains an important challenge and one that union leaders are most concerned about.
This year's May Day dinner comes at a time of continuing uncertainty in the global economy, caused especially by the problems in Europe, said Mr Tharman.
In Singapore however, he said the economy is not in a bad shape.
"Our unemployment rate remains lower than in most other countries. This is due to the very large number of jobs created last year. With the economic slowdown, we have seen a pick-up in redundancies since the last quarter of 2011, and can expect a slight increase in unemployment in the short term as displaced workers take some time to find new jobs," said Mr Tharman.
Singapore's Consumer Price Index (CPI) rose by about 5.2 per cent in March 2012 compared to a year ago and he said this is a high figure.
However, he also explained that this does not mean that the average Singaporean will feel this high inflation.
That is because more than half of the headline inflation rate of 5.2 per cent came from higher COEs for cars and the effect of higher market rent on houses.
Mr Tharman assured that the vast majority of Singaporeans who already own their homes and are not buying new cars will not feel the effects of these sharp increases.
Mr Tharman also said the increase in prices of daily necessities and essential services such as food and clothing have actually been much more moderate at three per cent or lower.
"The vast majority of Singaporeans, who already own their homes and are not buying a new car, will not feel the effects of these sharp increases. The increase in prices of daily necessities and essential services, such as food, clothing & footwear and education, has actually been much more moderate, at three per cent or lower. The inflation in actual household expenditures for most Singaporeans is hence lower than five per cent," said Mr Tharman.
He added: "Nevertheless, we are closely monitoring the situation, including prices of everyday goods and services. MAS has been strengthening the value of our dollar to reduce the impact of imported inflation. The government has taken actions to cool the property market. Although property prices are not part of the consumer price index, in an overheated property market, many other prices can also go up. We will keep a close watch on the property market.
"In the meantime too, the government is providing some help for Singaporean households to cope with the rising cost of living. This year, we introduced GST vouchers, which will help lower income Singaporeans and especially our older folk with their expenses."
Mr Tharman noted that the National Wages Council has been discussing the wage guidelines for 2012 and 2013 and he is sure that they will consider all factors carefully before making their recommendations, expected by June.
Mr Tharman hopes that the guidelines will allow workers to get their fair share from the growth over the past year and get wage increases that can be sustained while still ensuring that businesses in Singapore remain competitive and continue to generate good jobs.
- CNA/fa -
"Closely monitoring" does not mean they will do anything about it.
They will just look at the figures and nod their heads.
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Almark. Money will soon become toilet paper liao. Everything increase expect Salary. wonder who eat up the increase for salary
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Singapore still give $5Billion to IMF to belong to develop nation as contributions .
The whole of europe sinking .
All those who give the go ahead for the $5Billion should be monitor if they should have any stakes and properties in those countries .
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GIVE GIVE GIVE??
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After getting all the Billions . Europe clamping down .
Mutually screwing it's citizen .
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NTUC should increase more house brands of all daily necessities...not just potato chips...etc...at much lower pricings to ease inflationary hikes....this would have a chain of effects,,,though... NTUC should lead towards the ideals of social enterprises to address daily living and household expenses issues...
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Originally posted by Fcukpap:
NTUC should increase more house brands of all daily necessities…not just potato chips…etc…at much lower pricings to ease inflationary hikes….this would have a chain of effects,,,though…
NTUC should lead towards the ideals of social enterprises to address daily living and household expenses issues…
Sometimes ntuc prices not that cheap.
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NTUC should lead towards the ideals of social enterprises to address daily living
and household expenses issues…
Sometimes ntuc prices not that cheap.
Just another sad monopoly .
Do we study the NTUC model and ask why other supermarket not allowed
to complete ? Restrictions ?
Or where others have dropped out the competition .