Food prices in Singapore rose sluggishly by 2.3%

Find out what's behind the slow climb.

According to Maybank Kim Eng, the tise in food prices was slower at +2.3% YoY (Jan 2014: +3.0% YoY) due to a correction in non-cooked food prices after the Chinese New Year as well as the high base last year, which is reflected by the “Food excluding prepared meals” which gained slower at +1.4% YoY (Jan 2014: +3.5% YoY).

Most major items are steady such as “Dairy Products & Eggs” (Feb 2014: +4.2% YoY; Jan 2014: +4.1% YoY), and “Meat and Poultry” (Feb 2014: +1.3% YoY; Jan 2014: +1.9% YoY).

Here's more from Maybank Kim Eng:

Meanwhile, the moderate increase in the cost of “Accommodation” helped to ease the rise in “Housing” to +1.5% YoY (Jan 2014: +1.8% YoY).

The “Accommodation” sub-component of “Housing” rose at a slower pace of +2.0% YoY (Jan 2014: +2.4% YoY). Recent Government measures such as shortening maximum loan tenure and reducing mortgage ratio limit against buyer’s income are expected to have a positive impact on “Housing” costs in 2014.

On the supply side, the Government also plans to increase public and private housing by up to 200,000 units in the coming years.

Other subcomponents which also helped to contain the rise in “Housing” included “Fuel and Utilities” (Feb 2014: -1.0% YoY; Jan 2014: -0.9% YoY) and “Household Durables” (Feb 2014: -0.4% YoY; Jan 2014: -0.3% YoY).

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