Serious Singapore Yearly Inflation Up At 3.2%!! PAP To Give Sinkies More Rebates Soon! Wait For It!

[JohnTan]

SINGAPORE - Singapore’s overall inflation rose to a more than eight-year high in October, helped by higher car prices and housing rents, while core inflation climbed to its highest in nearly three years.

Both benchmarks rose faster than economists had predicted.

Overall inflation jumped to 3.2 per cent on a year-on-year basis, up from 2.5 per cent in September. It was the highest since March 2013 and beat the 2.8 per cent median estimate of analysts surveyed by Bloomberg.

The uptick reflected stronger private transport and rental costs, in addition to the higher core inflation, said the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) on Tuesday (Nov 23).

Core inflation, which excludes rents and private road transport costs, climbed to 1.5 per cent last month from 1.2 per cent in September. The increase was due to rising services and food prices, and a smaller decline in the cost of retail and other goods.

It outdid the 1.3 per cent median estimate of analysts Bloomberg surveyed.

The last time the core inflation rate was higher was in March 2019, when it hit 1.7 per cent.

Core inflation, which better captures the underlying trend in consumer prices, is the measure that MAS monitors most closely in its review of Singapore’s monetary policy.

MAS and MTI said that rising imported and labour costs, as well as recovery in domestic economic activity, will support a steady increase in core inflation in the quarters ahead.

The cost of services rose more sharply in October – by 1.6 per cent compared with September’s 1.2 per cent – mainly due to higher inflation of airfares and holiday expenses with the easing of border restrictions and establishment of vaccinated travel lanes.

Tuition and other fees, as well as prices of recreational and cultural services, also saw larger increases.

Food inflation edged up to 1.7 per cent, compared with 1.6 per cent in September, as non-cooked food prices rose at a faster pace while the inflation of prepared meals remained broadly unchanged.

The cost of retail and other goods declined at a slower pace of 0.4 per cent last month, compared with the 1 per cent fall in September, due to a smaller decline in the prices of clothing, footwear and telecommunications equipment.

https://www.straitstimes.com/busine...to-32-in-october-highest-in-more-than-8-years

 

[laksaboy]

It'll be as helpful as scooping out the water from a sinking boat with a spoon.

 

[Boliao]

higher rent... because more foreigners?