Singapore’s Sep inflation of 4.7% way above foreca sts
(23 Oct) – 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 labor 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.
Rest of the article from: http://www.cnbc.com//id/49513865
11 Responses to “Singapore’s Sep inflation of 4.7% way above forecasts”
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The best way to fight inflation is monitoring … according to our elites!
Our inflation maintains above 4% since 2008 untill today but ah loong and botak kept saying “will monitor very closely”. It seems to me they both have no idea how to ease the pressure and yet they pay themselves the highest salary in the world!
Ah loong and botak, what kind of elites are you anyway? It’s OK, I can live with that but pls shut your mouths and reduce your salary by half unless you’re able to solve the problem.
Classic example of high cost of living accompanied by depressed wages of the majority caused by HOARDING by the Minority Few Goil Men that will lead to gradual decrease in aggregate demand and give rise to STAGFLATION from negative economic growths.
VERY CLEVER, HUH?
You do not drive car does not mean ERP and COE do not affect you. You do not need to buy property now does not mean it does not affect you. Over population is cause of inflation, i told you so.
The economic growth over the past 5-6 years is clearly unsustainable. Increasing economic growth through inflow of foreigners and hot money is not going to work in the long run. It is fundamentally flawed.
Fellow Singaporeans, get ready for more hell as inflation will hit through the roof. Our million-dollar-leaders have no clue or even if they know, they are not going to tackle the inflation issue.
Reason is simple. THEY ARE NOT AFFECTED! I will not be affected too if I am earning millions a year.
“we will monitoring very closely” = “we don’t know what to do now”
Our ruling party are useless.
@ God Help Singapore. Yes, I fully agree with you as I see this coming too! I tell you poorer countries like in Africa will live happier than
If PAP relentlessly pumps up prices of
2) products/services of its ministries/stat boards/linked companies
this can be the only outcome.
It is nice to have a budget surplus, to have big bonuses, to buy arms and overseas companies – but hey, you PAP people have lost your limits/minds.
One guy said appreciating money is showing that Singapore economy is doing very well.
Business cost (other than manpower is way too high in this city).
Inflation is Singapore is fueled by demand from increasing number of foreigners brought into Singapore by PAP’s pro-alien policy.
High cost of living and inflation
Are we there yet?
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