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Thursday, 15 November 2012

Singapore's consumer price inflation rate up by 4.8% year on year

SINGAPORE: Singapore's consumer price inflation rate for first nine months of 2012 increased by 4.8 per cent year on year.
A large part of the increase was due to imputed, rather than actual housing rentals and a surge in the Certificate of Entitlement (COE) premiums for private cars.

COEs contributed 0.9 percentage points to the increase, compared to 0.2 percentage points for public transport costs and 0.2 percentage points for other government fees and charges.

This was revealed by Senior Minister of State for Trade and Industry, Lee Yi Shyan, in a written reply to a question in Parliament.

Nominated MP Laurence Lien had wanted to know whether the government will consider more aggressive measures like a short-term freeze on government fee increases, price increases for new HDB flats and public transport fare hikes, given the persistently high inflation rate.

Mr Lee said the government shares Mr Lien's concerns over the rise in inflation.

It will continue to invest heavily in improving public transport, and is committed to keep public housing affordable.

He added that the government will continue to monitor inflation closely, and is prepared to introduce additional measures if necessary.

- CNA/lp

Createwealth8888's comment:

  • COEs contributed 0.9 percentage points to the increase
  •  0.2 percentage points for public transport costs

Private car owners will face higher personal or family inflationary rate than non private car owner persons or families.

Read? Retiree inflation rate will be different. Likely to be lower than national average.

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