Singapore inflation feared to remain over 5% this year

This is on account of continued strong increases in accommodation costs, according to MAS.

The Monetary Authority of Singapore said, “In July, CPI inflation rose to 5.4%, mainly due to the increase in accommodation costs, as old tenancy contracts are reset at the current higher rental rates, as well as a sharp rise in COE premiums.”

MAS noted:

CPI Inflation is expected to remain elevated at slightly over 5% in the next few months, on account of continued strong increases in accommodation costs, before slowly trending down towards the end of the year. The high COE premiums imply that car prices will also remain a significant contributor to CPI inflation for the rest of the year. In comparison, MAS Core Inflation will be lower, although it will remain firm due to the continued pass through of earlier commodity price hikes and wage increases. For the whole of 2011, CPI inflation is expected to average between 4% and 5%, of which almost two-thirds will be accounted for by accommodation and private road transport costs. Excluding these two items, the MAS Core Inflation is projected to be 2-3%.

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