Singapore: Inflation inches down in October
November 23, 2011
In October, consumer prices increased 0.4% over the previous month, which contrasted a 0.2% price drop in September. The monthly rise was mainly driven by increased prices for housing, which rose on the back of ?higher imputed rentals of owner-occupied accommodation?, as well as food. Annual headline inflation fell for the second month in a row, down slightly from 5.5% in September to 5.4% in October. The reading, nevertheless, overshot market expectations that had inflation at 5.2%. Meanwhile, the Monetary Authority of Singapore's (MAS) annual core inflation measure, which excludes the costs of accommodation and private road transport, rose from 2.1% in September to 2.3% in October. The MAS expects that inflation will average between 4.0% and 5.0% this year. However, annual average inflation is already at the upper end of the range, having inched up from 4.9% in September to 5.0% in October.