Singapore's housing costs edged up 2.6% in August

Blame it on higher accommodation costs.

According to Maybank Kim Eng, higher cost of accommodation pushed up housing to +2.6% YoY (July 2013: +1.3% YoY).

The accommodation sub-component of “Housing” which accounts for one-fifth of the CPI gained by +4.2% YoY (July 2013: +2.6% YoY) as the effect from the S&CC rebates disbursed to households living in HDB flats in July 2013 fades.

Here's more from Maybank Kim Eng:

But the rise in the overall “Housing” costs was kept in check by the weaker imputed rental rates of owner occupied units which are still being hampered by the softer rental market conditions.

This is expected to continue for the rest of the year as more housing units come into the market.

Other sub-components also helped to contain the rise in “Housing”, namely Fuel and Utilities (Aug 2013: -4.7% YoY; July 2013: -4.9% YoY) and Household Durables (Aug 2013: -0.8% YoY; July 2013: -0.9% YoY).

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