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Spire comments on escalating inflation rate in Singapore

+ Official Coverage on Channel NewsAsia

23 October 2012

Channel NewsAsia – amLIVE!
MediaCorp Channel 5 – News 5 Tonight
MediaCorp Suria – Berita

Spire comments on escalating inflation rate in Singapore

Singapore’s Consumer Price Index (CPI) in September jumped 4.7% year-on-year, or 3.92% from August 2012. The inflation rate was higher than expected – driven by increasing transport and housing costs. Spire Research and Consulting was invited to share its thoughts on the phenomenon.

The sharp increase in CPI in September had caused a reversal of the price moderation enjoyed for the last three months. The higher inflation rate was driven mainly by rising transport and housing costs.

Accommodation costs in Singapore have increased by 7.7% from a year earlier. As for transport costs, the 40% increase in COE premiums in August year-on-year had driven an 11 per cent increase in private transport costs in September.

Leon Perera, Chief Executive Officer of Spire Research and Consulting, shared that one should also keep a close watch on the prices of services, especially in the areas of healthcare and education. He observed a significant price spike in September for healthcare services due to medical treatments. This price spike was more than the trend line in the year as a whole. A similar trend could be seen in education services, but to a lesser extent.

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