Tight labor market blamed for regionwide-high inflation

Singapore is now a "noteworthy outlier" in Asia as its inflation remains high while those of other countries are seeing an easing.

High rental prices and transportation costs continue to burden Singapore consumers due to a particularly tight domestic labor market, and BBVA said that this has resulted in "persistent inflation" that, at best, might moderate at year's end.

Here's more from BBVA:

Inflation fell to 5.0% y/y in May (consensus: 5.1% y/y) from 5.2% y/y in April as falling oil prices offset still-strong domestic demand. Though the global slowdown has resulted in easing inflationary pressures for most countries throughout the region, Singapore has been a noteworthy outlier, as a tight domestic labor market has caused a surge in rental prices and transportation costs, resulting in persistent inflation. We expect Singapore’s inflation to moderate gradually throughout the remainder of 2012.

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