Fears abound as Singapore’s inflation jumps 6% in November

Transport costs rose the most at 12%, owing to the continued surge in petrol prices.

The consumer price index in November 2011 rose by 0.6 per cent compared to October 2011, as a result of higher costs of transport, housing as well as “recreation & others”, according to the Singapore Department of Statistics. The cost of transport increased by 1.4 per cent, mainly due to higher Certificate of Entitlement premiums. Housing cost went up by 0.6 per cent as a result of higher accommodation costs and gas tariffs.

The higher accommodation costs reflected higher imputed rentals of owner-occupied accommodation that has no impact on the cash expenditure of owner-occupied households. With more expensive holiday travel, the costs of “recreation & others” increased by 0.5 per cent. Excluding accommodation costs, the consumer price index was 0.5 per cent higher in November 2011.

Seasonally-Adjusted CPI
On a seasonally-adjusted basis, the consumer price index rose by 0.7 per cent in November 2011. Excluding accommodation costs, the consumer price index rose by 0.6 per cent in November 2011.

Year-on-Year Changes
Compared to November 2010, the consumer price index increased by 5.7 per cent in November 2011. This was largely due to higher costs of housing, transport and food. The cost of housing increased by 10.0 per cent due primarily to higher accommodation costs and electricity tariffs.

The higher accommodation costs mainly reflected higher imputed rentals of owner-occupied accommodation, which has no impact on the cash expenditure of owner-occupied households.

The transport cost rose by 11.6 per cent due to the significant increase in Certificate of Entitlement premiums and petrol prices. Food prices went up by 3.6 per cent, as a result of dearer prepared meals, seafood, dairy products & eggs, fruits, vegetables as well as chilled meat. Excluding accommodation costs, the consumer price index was 4.4 per cent higher in November 2011 compared to the same period a year ago.

The consumer price index in January-November 2011 was 5.2 per cent higher compared to the same period last year. Excluding accommodation costs, the consumer price index increased by 4.2 per cent during the same period.
 

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Tags: singapore inflation november 2011, singapore economy, singapore transport costs, Certificate of Entitlement premiums