SINGAPORE: Singapore's inflation moderated to 3.6 per cent on-year in November, down from 4.0 per cent in October and lower than what economists had expected.
Data released by the Ministry of Trade and Industry (MTI) and the Monetary Authority of Singapore (MAS) on Monday showed that the lower consumer price index (CPI) last month was mainly due to slower increases in housing and transports costs.
Accommodation costs
rose 6.6 per cent in November, down from October's 6.8 per cent, on the
back of smaller rental increases in both public and private housing.
Private road transport costs also slowed to 6.7 per cent, from 8.3 per cent in October.
Combined,
transport and housing accounted for just under two-thirds of the
CPI-All Items in November, according to the MTI and MAS.
Marginal
cost increases in holiday travel and healthcare also slowed services
inflation to 2.9 per cent in November from 3.1 per cent in October.
But food inflation held steady at 1.7 per cent.
The
November core inflation rate which excludes transport and accommodation
also fell to 2.0 per cent last month, from 2.2 per cent in October.
MAS
and MTI said imported inflation will be generally benign, while the
persistent tightness in the labour market will support wage increases in
2013.
The central bank has forecast a full-year inflation of
slightly above 4.5 per cent this year and between 3.5 per cent and 4.5
per cent in 2013.
- CNA/al
ALUMNI CLUBS
NUS graduate club raises fees
Monthly subscription fees will increase from S$45 to S$60 starting from April
SINGAPORE - The National University of Singapore Society (NUSS), a graduate club which boasts over 15,500 members, will be raising its monthly subscription fees next year, even as alumni clubs of two other local varsities said they would keep their fees stable.
The monthly subscription fees for ordinary, associate, term and corporate members of NUSS will go up from S$45 currently to S$60 starting from April - the first revision
since 2002.
Fees for spouse and junior members will remain unchanged.
In a letter to members earlier this week, NUSS President David Ho said efforts to manage rising operating costs have "regrettably been outpaced by inflation and addition costs from changes in Government polices". "We do not foresee any improvement in the near future," he added.
When contacted, NUSS said the increases in foreign-worker levy and the restoration of employers' CPF contribution rate have affected all companies here.
"Without exception, NUSS is also affected both directly and indirectly as contract renewals are now higher, adding to rising operating costs," said a spokesperson.
NUSS held a dialogue with more than 50 members on Monday. Members who were unable to attend the session gave their feedback on the changes via email.
When asked about the feedback the society has received about the fee increase thus far, NUSS said: "No one likes fee increases, especially when it impacts them directly."
The club, however, stressed that it was able to maintain subscription fees for a decade and added that "members understand that the revision is now necessary for the financial viability and long term sustainability of NUSS".
In the letter, Mr Ho said "fees continue to remain very competitive in comparison with other clubs in Singapore", notwithstanding the increase. The spokesperson for NUSS added that it came up with the revised fees by taking a cross-section of fees of social clubs here and used them as a benchmark to settle on the new fees.
When contacted, both the alumni clubs of Nanyang Technological University and the Singapore Management University (SMU) said there would be no changes in their fee structures in the coming year.
The NTU alumni club currently has a monthly subscription rate of S$40, while SMU's graduate club has an annual fee of S$50 and members have to pay between S$60 and S$200 yearly for services such as parking or access to facilities.
A spokesperson for the SMU alumni association said it added a S$10 administration fee two years ago and, thus hopes to keep fees stable next year.
hot news, Today, Saturday, 22 December 2012, Pg 4