Inflation soars in Singapore
Source: Bloomberg News |
August 24, 2011, Wednesday
|
Print Edition
Print Edition
Singapore's inflation accelerated to the fastest pace since January as transportation and housing costs increased, maintaining pressure on the central bank to allow the currency to strengthen even as growth falters.
The consumer price index rose 5.4 percent last month from a year earlier, the Department of Statistics said yesterday. Inflation was 5.2 percent in June.
This month the government lowered its forecast for the economy's expansion this year even after the central bank raised its inflation estimate.
The island's currency has appreciated to unprecedented levels since the bank said in April it would allow further gains to tame price pressures, the third monetary tightening in a year.
Irvin Seah, an economist at DBS bank in Singapore, citing rising wage costs, said: "Domestic pressure will keep overall inflation elevated in the coming months. While we believe inflation will ease, the decline will be gradual."
The Singapore dollar has gained more than 12 percent against the US dollar in the past year to be the best performer in Asia excluding Japan. It traded at about S$1.21 to a dollar yesterday.
The consumer price index rose 5.4 percent last month from a year earlier, the Department of Statistics said yesterday. Inflation was 5.2 percent in June.
This month the government lowered its forecast for the economy's expansion this year even after the central bank raised its inflation estimate.
The island's currency has appreciated to unprecedented levels since the bank said in April it would allow further gains to tame price pressures, the third monetary tightening in a year.
Irvin Seah, an economist at DBS bank in Singapore, citing rising wage costs, said: "Domestic pressure will keep overall inflation elevated in the coming months. While we believe inflation will ease, the decline will be gradual."
The Singapore dollar has gained more than 12 percent against the US dollar in the past year to be the best performer in Asia excluding Japan. It traded at about S$1.21 to a dollar yesterday.
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