ECONOMY | Staff Reporter, Singapore

Singapore inflation moderated to 2.4% in 2013

Due to lower road transport cost.

According to a joint release by the Monetary Authority of Singapore and the Ministry of Trade and Industry, for the whole of 2013, CPI-All Items inflation averaged 2.4%, sharply lower than the 4.6% in 2012.

CPI-All Items inflation fell to 1.5% in December from 2.6% in the preceding month, mainly reflecting the decline in private road transport cost.

Private road transport cost decreased by 2.8% in December, following the 3.4% rise in November, on account of lower COE premiums. The recent weakness in car COE premiums partly reflected a high base as premiums surged in the same period one year earlier.

Accommodation cost rose by 2.9% compared to the 3.3% increase in the previous month, as housing rentals edged up at a slower pace on a year ago basis. Imputed rentals on owner-occupied accommodation (OOA) contributed 0.5% point to overall inflation, down slightly from 0.6% point in November.

Food inflation inched up to 2.7% from 2.6% in November due to a slightly faster pickup in non-cooked food prices.

Services inflation was stable at 2.8% as smaller increases in the cost of holiday travel and household services were offset by higher contributions from telecommunications and medical treatment costs. 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.