Singapore Inflation Accelerates in December


Singapore's Consumer Price Index increased 4.3 percent over the last 12 months, compared to a 3.6 percent annual increase in November

CPI-All Items inflation rose to 4.3% in December from 3.6% in November 2012. The increase was due to higher contribution from costs of accommodation and cars.

Accommodation cost inflation reached 8.5% in December compared to 6.6% in November.  The costs of rented accommodation and minor repairs & maintenance picked up sharply, largely on account of base effects associated with the disbursement of government rebates for HDB households.  Imputed rentals on owner-occupied accommodation (OOA) contributed 1.2% points to overall inflation.
 
In tandem with the recent surge in COE premiums, private road transport cost climbed by 9.3% y-o-y in December after increasing by 6.7% in November.
 
Together, accommodation and private road transport costs accounted for more than two thirds of CPI-AllItems inflation in December.
 
Services inflation edged down to 2.5% in December from 2.9% in November, led by a decline in telecommunication charges and a more moderate rise in the costs of holiday travel and medical treatment.
 
Price increases for both non-cooked food and prepared meals slowed in December.  As a result, food inflation eased to 1.5% from 1.7% in the preceding month.
 
For the whole of 2012, CPI-All Items inflation averaged 4.6%, lower than the 5.2% in 2011.

 


Ministry of Trade and Industry, Singapore | Nuno Salva | nuno.salva@tradingeconomics.com
1/23/2013 8:52:27 AM