Singapore's inflation eases to 1.6% in September
POSTED: 23 Oct 2013 13:19
Singapore's inflation rate eased in September after four consecutive months of gains, largely due to decline in private road transport cost.
SINGAPORE: Singapore's inflation rate eased in September after four consecutive months of gains, largely due to decline in private road transport cost.
The Department of Statistics said the Consumer Price Index (CPI) rose 1.6 per cent year-on-year in September, compared to 2.0 per cent in August.
The headline CPI rate is below economists' forecasts of about 2.0 per cent for September.
Private road transport cost fell by 2.0 per cent after rising marginally in August.
In a statement, the Monetary Authority of Singapore (MAS) said the correction in car prices was due to the high base a year ago, and it more than offset the increase in petrol pump prices in September.
Accommodation cost eased to 3.9 per cent, which is due to a smaller increase in market rentals for both private and HDB properties.
Services inflation was stable at 2.7 per cent, as the higher recreation and entertainment cost was offset by lower contributions from education and household services fees.
Food inflation was 2.4 per cent in September, similar to a month ago.
MAS core inflation, which excludes the costs of accommodation and private road transport, was slightly lower at 1.7 per cent in September, compared to 1.8 per cent in August.
MAS said overall imported inflation is expected to remain subdued, but firms facing higher rentals, COE premiums for commercial vehicles, and labour costs could translate to higher prices of consumer services.
As a result. the MAS core inflation is expected to rise over the next few quarters, and average 1.5 to 2 per cent in 2013 and 2 to 3 per cent in 2014.
CPI-All Items inflation is projected to come in at 2.5 to 3 per cent in 2013 and 2 to 3 per cent in 2014.
- CNA/de
- wong chee tat :)
Showing posts with label inflation. Show all posts
Showing posts with label inflation. Show all posts
Wednesday, October 23, 2013
Tuesday, July 23, 2013
CPI for general households eases to 2.8% in H1 2013
CPI for general households eases to 2.8% in H1 2013
POSTED: 23 Jul 2013 8:11 PM
Singapore's inflation moderated in the first half of 2013. The Department of Statistics (DOS) said the Consumer Price Index (CPI) for general households eased to 2.8 per cent from January to June 2013.
SINGAPORE: Singapore's inflation moderated in the first half of 2013. The Department of Statistics (DOS) said the Consumer Price Index (CPI) for general households eased to 2.8 per cent from January to June 2013.
That is less than the 4.1 per cent increase in the second half of 2012.
CPI excluding imputed rentals on owner-occupied accommodation (OOA) fell from 3.3 per cent in the second half of 2012 to 2.2 per cent in the first half of 2013.
DOS said the lower income group experienced a smaller increase in CPI compared to the middle and higher income groups. The increase in CPI (excluding imputed rental on OOA) for the lowest 20 per cent income group was 1.3 per cent.
For the middle 60 per cent income group, the increase was 2.1 per cent, and for the highest 20 per cent income group, the increase was 2.5 per cent.
In terms of CPI (for all items), the inflation rate for the lowest 20 per cent was 3.1 per cent; for the middle 60 per cent, it was 2.9 per cent; and for the highest 20 per cent income group, it was 2.7 per cent.
DOS said food and car costs contributed to the increases in the CPIs for all income groups.
However, the DOS noted that these increases were partially offset by lower electricity tariffs, a larger quantum of government rebates on service and conservancy charges (S&CC) for HDB households, and the lower government concessionary levy for foreign domestic helpers.
- CNA/ac
- wong chee tat :)
POSTED: 23 Jul 2013 8:11 PM
Singapore's inflation moderated in the first half of 2013. The Department of Statistics (DOS) said the Consumer Price Index (CPI) for general households eased to 2.8 per cent from January to June 2013.
SINGAPORE: Singapore's inflation moderated in the first half of 2013. The Department of Statistics (DOS) said the Consumer Price Index (CPI) for general households eased to 2.8 per cent from January to June 2013.
That is less than the 4.1 per cent increase in the second half of 2012.
CPI excluding imputed rentals on owner-occupied accommodation (OOA) fell from 3.3 per cent in the second half of 2012 to 2.2 per cent in the first half of 2013.
DOS said the lower income group experienced a smaller increase in CPI compared to the middle and higher income groups. The increase in CPI (excluding imputed rental on OOA) for the lowest 20 per cent income group was 1.3 per cent.
For the middle 60 per cent income group, the increase was 2.1 per cent, and for the highest 20 per cent income group, the increase was 2.5 per cent.
In terms of CPI (for all items), the inflation rate for the lowest 20 per cent was 3.1 per cent; for the middle 60 per cent, it was 2.9 per cent; and for the highest 20 per cent income group, it was 2.7 per cent.
DOS said food and car costs contributed to the increases in the CPIs for all income groups.
However, the DOS noted that these increases were partially offset by lower electricity tariffs, a larger quantum of government rebates on service and conservancy charges (S&CC) for HDB households, and the lower government concessionary levy for foreign domestic helpers.
- CNA/ac
- wong chee tat :)
Monday, June 24, 2013
Singapore's inflation up slightly in May
Singapore's inflation up slightly in May
By Yvonne Chan
POSTED: 24 Jun 2013 1:48 PM
Singapore's headline inflation inched up slightly to 1.6 per cent on-year in May from 1.5 per cent in April.
SINGAPORE: Singapore's headline inflation inched up slightly to 1.6 per cent on-year in May from 1.5 per cent in April.
While car prices declined, it was more than offset by higher contributions from all other major categories.
According to the Monetary Authority of Singapore (MAS), accommodation costs increased 5.1 per cent in May, up from 2.4 per cent in April as the one-off rebates for Housing & Development Board service and conservancy charges was available in April only.
Meanwhile, imputed rentals on owner-occupied accommodation continued to increase, contributing 0.9 percentage point to overall inflation in May.
On the other hand, the cost of private road transport fell for the first time since 2009, declining by 3.7 per cent in May, compared to the 0.5 per cent rise in April.
MAS said this was due to lower Certificate of Entitlement (COE) premiums in April and price adjustments by car dealers following the implementation of motor vehicle related policy measures.
Meanwhile, services inflation rose 2.5 per cent in May from 2.2 per cent in April. This was due mainly to costlier medical treatment and medical insurance as well as a smaller fall in holiday travel cost.
Food prices were up 2.0 per cent in May, slightly stronger than the 1.8 per cent in the preceding month.
MAS said this reflects steeper price increases for both non-cooked food and prepared meals.
In addition, MAS said core inflation, which excludes the costs of accommodation and private road transport, rose to 1.7 per cent in May from 1.4 per cent in April, largely due to steeper increases in services fees and food prices.
Looking ahead, MAS said imported inflation will likely remain subdued this year, given ample supply buffers in the commodity markets.
However, MAS warned that domestic cost pressures are expected to persist amid a tight labour market and cost pass-through to prices of consumer services could also pick up slightly.
As such, MAS said core inflation is expected to rise moderately in the second half of the year and average 1.5 per cent to 2.5 per cent in 2013.
Imputed rentals on owner occupied accommodation will continue to add significantly to CPI-All Items inflation although MAS believes the pace of increase will be slower in the second half of this year, with more private housing units coming on stream.
While COE premiums are expected to fluctuate, its contribution to CPI-All Items inflation is likely to be lower compared to last year.
For 2013, MAS expects CPI-All Items inflation to come in at three per cent to four per cent.
- CNA/fa
- wong chee tat :)
By Yvonne Chan
POSTED: 24 Jun 2013 1:48 PM
Singapore's headline inflation inched up slightly to 1.6 per cent on-year in May from 1.5 per cent in April.
SINGAPORE: Singapore's headline inflation inched up slightly to 1.6 per cent on-year in May from 1.5 per cent in April.
While car prices declined, it was more than offset by higher contributions from all other major categories.
According to the Monetary Authority of Singapore (MAS), accommodation costs increased 5.1 per cent in May, up from 2.4 per cent in April as the one-off rebates for Housing & Development Board service and conservancy charges was available in April only.
Meanwhile, imputed rentals on owner-occupied accommodation continued to increase, contributing 0.9 percentage point to overall inflation in May.
On the other hand, the cost of private road transport fell for the first time since 2009, declining by 3.7 per cent in May, compared to the 0.5 per cent rise in April.
MAS said this was due to lower Certificate of Entitlement (COE) premiums in April and price adjustments by car dealers following the implementation of motor vehicle related policy measures.
Meanwhile, services inflation rose 2.5 per cent in May from 2.2 per cent in April. This was due mainly to costlier medical treatment and medical insurance as well as a smaller fall in holiday travel cost.
Food prices were up 2.0 per cent in May, slightly stronger than the 1.8 per cent in the preceding month.
MAS said this reflects steeper price increases for both non-cooked food and prepared meals.
In addition, MAS said core inflation, which excludes the costs of accommodation and private road transport, rose to 1.7 per cent in May from 1.4 per cent in April, largely due to steeper increases in services fees and food prices.
Looking ahead, MAS said imported inflation will likely remain subdued this year, given ample supply buffers in the commodity markets.
However, MAS warned that domestic cost pressures are expected to persist amid a tight labour market and cost pass-through to prices of consumer services could also pick up slightly.
As such, MAS said core inflation is expected to rise moderately in the second half of the year and average 1.5 per cent to 2.5 per cent in 2013.
Imputed rentals on owner occupied accommodation will continue to add significantly to CPI-All Items inflation although MAS believes the pace of increase will be slower in the second half of this year, with more private housing units coming on stream.
While COE premiums are expected to fluctuate, its contribution to CPI-All Items inflation is likely to be lower compared to last year.
For 2013, MAS expects CPI-All Items inflation to come in at three per cent to four per cent.
- CNA/fa
- wong chee tat :)
Sunday, May 5, 2013
Property buyers should consider future interest rate hikes: Khaw
Property buyers should consider future interest rate hikes: Khaw
By Saifulbahri Ismail
POSTED: 04 May 2013 11:12 PM
National Development Minister Khaw Boon Wan says property buyers must take into account future hikes in interest rates and should not over-commit.
SINGAPORE : National Development Minister Khaw Boon Wan has urged those who might be looking to buy property to take into account future spikes in interest rates.
Speaking during a dialogue with young Singaporeans, he also cautioned buyers not to over-commit.
He explained that the current low interest rates for home loans will not last forever, and the eventual rate may be many percentage points higher than it is today.
Some 150 youths from Sembawang spent Saturday afternoon discussing their hopes and aspirations for Singapore with their MP Mr Khaw.
They also engaged the Minister in an hour-long dialogue, as part of the Our Singapore Conversation.
Even though housing may not be an immediate concern for them, the issue did not escape attention.
Mr Khaw assured the youths that housing will be made available and kept affordable.
He also offered advice for property buyers.
Mr Khaw said: "They assume two things. Property prices will keep going (up). Two, interest rates will keep on remaining low. Both are wrong and therefore one day, both will collapse on them. So, if you are over-committed, let's say you can only afford a 3-room flat, (but) you decide to buy five room flat. Yes, based on today's interest rates you can afford a five-room flat. But, when interest rates go up as it will, you will no longer be able to afford a five-room flat and what will happen, your bank will start calling you up to please top up or sell your flat and that's when trouble starts."
In addition, Mr Khaw said the high property prices will not last in the long run.
At the same time, he acknowledged he cannot be certain when and how much prices will come down.
He added: "Only when you can get enough buyers who can afford, will prices stay up, if not they will come down. Today because of low interest rates, this bubble is being pushed up and sustained longer than it should have. So, it will collapse in a matter of time and therefore do not think that prices will keep on going up."
Mr Khaw also stressed the importance of re-igniting the kampong spirit in public housing estates, and hinted at what the design of HDB flats will be in the future.
He said more common spaces, or so-called "watering holes" will be created for residents to meet naturally.
He said: "We are emphasising this point on how to create more and more common spaces, where people meet, what we call watering holes. We must try and create more and more watering holes to allow people to just naturally interact. I think it's a very bad HDB layout design if you just go straight from work, reach Sembawang, go straight up to apartment or flat, and then leave your apartment, go straight out to the bus stop and off you go. A good design will naturally create things for you (so that) to reach from A to B you must go through places which are natural watering holes that people naturally meet together."
These watering holes can be spaces where residents do gardening, or engage in sports activities.
- CNA/ch
- wong chee tat :)
By Saifulbahri Ismail
POSTED: 04 May 2013 11:12 PM
National Development Minister Khaw Boon Wan says property buyers must take into account future hikes in interest rates and should not over-commit.
SINGAPORE : National Development Minister Khaw Boon Wan has urged those who might be looking to buy property to take into account future spikes in interest rates.
Speaking during a dialogue with young Singaporeans, he also cautioned buyers not to over-commit.
He explained that the current low interest rates for home loans will not last forever, and the eventual rate may be many percentage points higher than it is today.
Some 150 youths from Sembawang spent Saturday afternoon discussing their hopes and aspirations for Singapore with their MP Mr Khaw.
They also engaged the Minister in an hour-long dialogue, as part of the Our Singapore Conversation.
Even though housing may not be an immediate concern for them, the issue did not escape attention.
Mr Khaw assured the youths that housing will be made available and kept affordable.
He also offered advice for property buyers.
Mr Khaw said: "They assume two things. Property prices will keep going (up). Two, interest rates will keep on remaining low. Both are wrong and therefore one day, both will collapse on them. So, if you are over-committed, let's say you can only afford a 3-room flat, (but) you decide to buy five room flat. Yes, based on today's interest rates you can afford a five-room flat. But, when interest rates go up as it will, you will no longer be able to afford a five-room flat and what will happen, your bank will start calling you up to please top up or sell your flat and that's when trouble starts."
In addition, Mr Khaw said the high property prices will not last in the long run.
At the same time, he acknowledged he cannot be certain when and how much prices will come down.
He added: "Only when you can get enough buyers who can afford, will prices stay up, if not they will come down. Today because of low interest rates, this bubble is being pushed up and sustained longer than it should have. So, it will collapse in a matter of time and therefore do not think that prices will keep on going up."
Mr Khaw also stressed the importance of re-igniting the kampong spirit in public housing estates, and hinted at what the design of HDB flats will be in the future.
He said more common spaces, or so-called "watering holes" will be created for residents to meet naturally.
He said: "We are emphasising this point on how to create more and more common spaces, where people meet, what we call watering holes. We must try and create more and more watering holes to allow people to just naturally interact. I think it's a very bad HDB layout design if you just go straight from work, reach Sembawang, go straight up to apartment or flat, and then leave your apartment, go straight out to the bus stop and off you go. A good design will naturally create things for you (so that) to reach from A to B you must go through places which are natural watering holes that people naturally meet together."
These watering holes can be spaces where residents do gardening, or engage in sports activities.
- CNA/ch
- wong chee tat :)
Friday, April 12, 2013
No change to Singapore dollar policy says MAS
No change to Singapore dollar policy says MAS
POSTED: 12 Apr 2013 8:30 AM
No change to Singapore dollar policy says MAS in view of Core Inflation expected at 1.5-2.5 per cent and ongoing economic restructuring.
Singapore: The Monetary Authority of Singapore is keeping its Singapore dollar policy unchanged at its half-yearly review.
In a release on Friday morning, the MAS said it will maintain its policy of a modest and gradual appreciation path of the Singapore dollar policy band, last set in October 2012.
It said that there will be no change to the slope and width of the policy band, as well as the level at which it is centred.
"This policy stance is assessed to be appropriate for containing inflationary pressures, anchoring inflation expectations, and facilitating the restructuring of the economy towards sustainable growth" said the MAS in a statement.
The move was expected by most economists with an eye on Singapore and the Singapore dollar responded with little change against the US dollar following the release of the central bank's statement.
The MAS also said in its statement that for the whole of 2013, it is lowering it forecast for Core Inflation from 2-3 per cent to 1.5-2.5 per cent, largely due to the weaker-than-expected price increases over the past few months.
The MAS noted that Core Inflation, which excludes private road transport and accommodation costs, receded to 1.5 per cent y-o-y in January-February 2013, from 2.0 per cent and 2.4 per cent in Q4 and Q3 2012..
Over the same period, CPI-All Items inflation averaged around 4 per cent.
- CNA/sf
- wong chee tat :)
POSTED: 12 Apr 2013 8:30 AM
No change to Singapore dollar policy says MAS in view of Core Inflation expected at 1.5-2.5 per cent and ongoing economic restructuring.
Singapore: The Monetary Authority of Singapore is keeping its Singapore dollar policy unchanged at its half-yearly review.
In a release on Friday morning, the MAS said it will maintain its policy of a modest and gradual appreciation path of the Singapore dollar policy band, last set in October 2012.
It said that there will be no change to the slope and width of the policy band, as well as the level at which it is centred.
"This policy stance is assessed to be appropriate for containing inflationary pressures, anchoring inflation expectations, and facilitating the restructuring of the economy towards sustainable growth" said the MAS in a statement.
The move was expected by most economists with an eye on Singapore and the Singapore dollar responded with little change against the US dollar following the release of the central bank's statement.
The MAS also said in its statement that for the whole of 2013, it is lowering it forecast for Core Inflation from 2-3 per cent to 1.5-2.5 per cent, largely due to the weaker-than-expected price increases over the past few months.
The MAS noted that Core Inflation, which excludes private road transport and accommodation costs, receded to 1.5 per cent y-o-y in January-February 2013, from 2.0 per cent and 2.4 per cent in Q4 and Q3 2012..
Over the same period, CPI-All Items inflation averaged around 4 per cent.
- CNA/sf
- wong chee tat :)
Singapore central bank stands pat as economy shrinks
Singapore central bank stands pat as economy shrinks
By Wong Siew Ying
POSTED: 12 Apr 2013 8:31 PM
The Monetary Authority of Singapore says it is maintaining a modest and gradual appreciation of the Singapore dollar, despite the contraction in Singapore's Gross Domestic Product in the first quarter of this year.
SINGAPORE: Despite the contraction in Singapore's Gross Domestic Product (GDP) in the first quarter of this year, the central bank is leaving its tight monetary policy unchanged.
The Monetary Authority of Singapore (MAS) says it is maintaining a modest and gradual appreciation of the Singapore dollar.
"This policy stance is assessed to be appropriate for containing inflationary pressures, anchoring inflation expectations, and facilitating the restructuring of the economy towards sustainable growth," MAS said in its latest half-yearly review of its monetary policy on Friday.
Many economists had expected the MAS to stand pat on its policy.
In the April review of its monetary policy, the MAS said it would continue to allow the Singdollar to appreciate at a modest and gradual pace.
Economists said that apart from fighting inflation, the tight monetary policy will help facilitate economic restructuring.
Credit Suisse's director for non-Japan Asia economics, Robert Prior-Wandesforde, said: "Clearly they are worried about inflation, in particular the tightness of the labour market and the fear that it will lead to higher wage growth and in turn higher inflation. I suspect also that the central bank is trying to force some structuring adjustments in some of these exporting companies - basically, force them further up the value chain into new and more profitable areas."
Some economists say exporters which are not competitive will continue to find the going rough as Singapore's real exchange rate is likely to remain strong.
United Overseas Bank economist Francis Tan said: "Our projection for the (US) dollar-Singdollar at the end of this year is 1.22. However we see that there are some renewed risks in the eurozone. With that, we think that the dollar-Singdollar may possibly go up to 1.26 by the end of the second quarter this year before going on the downward trend towards 1.22 by the end of the year."
Despite the GDP contraction in the first quarter, MAS said the Singapore economy should grow at a modest pace this year, as external demand recovers.
The central bank also cut its inflation forecast for 2013, reflecting weaker price increases in recent months.
Measures to rein in housing costs and car prices should also help keep inflation in check.
For the full year, MAS projects core inflation, which excludes housing and private transportation costs, to come in at 1.5 to 2.5 percent - down from its earlier estimates of 2 to 3 percent.
The headline inflation (CPI-All Items inflation) has also been lowered from 3.5 to 4.5 percent to 3 to 4 percent.
Now that the MAS has downgraded its inflation forecast for the year, some economists say there may be some room for the central bank to loosen its monetary policy in the next review in October.
But a lot will depend on the labour market conditions as well as economic outlook in the latter part of the year.
- CNA/ir
- wong chee tat :)
By Wong Siew Ying
POSTED: 12 Apr 2013 8:31 PM
The Monetary Authority of Singapore says it is maintaining a modest and gradual appreciation of the Singapore dollar, despite the contraction in Singapore's Gross Domestic Product in the first quarter of this year.
SINGAPORE: Despite the contraction in Singapore's Gross Domestic Product (GDP) in the first quarter of this year, the central bank is leaving its tight monetary policy unchanged.
The Monetary Authority of Singapore (MAS) says it is maintaining a modest and gradual appreciation of the Singapore dollar.
"This policy stance is assessed to be appropriate for containing inflationary pressures, anchoring inflation expectations, and facilitating the restructuring of the economy towards sustainable growth," MAS said in its latest half-yearly review of its monetary policy on Friday.
Many economists had expected the MAS to stand pat on its policy.
In the April review of its monetary policy, the MAS said it would continue to allow the Singdollar to appreciate at a modest and gradual pace.
Economists said that apart from fighting inflation, the tight monetary policy will help facilitate economic restructuring.
Credit Suisse's director for non-Japan Asia economics, Robert Prior-Wandesforde, said: "Clearly they are worried about inflation, in particular the tightness of the labour market and the fear that it will lead to higher wage growth and in turn higher inflation. I suspect also that the central bank is trying to force some structuring adjustments in some of these exporting companies - basically, force them further up the value chain into new and more profitable areas."
Some economists say exporters which are not competitive will continue to find the going rough as Singapore's real exchange rate is likely to remain strong.
United Overseas Bank economist Francis Tan said: "Our projection for the (US) dollar-Singdollar at the end of this year is 1.22. However we see that there are some renewed risks in the eurozone. With that, we think that the dollar-Singdollar may possibly go up to 1.26 by the end of the second quarter this year before going on the downward trend towards 1.22 by the end of the year."
Despite the GDP contraction in the first quarter, MAS said the Singapore economy should grow at a modest pace this year, as external demand recovers.
The central bank also cut its inflation forecast for 2013, reflecting weaker price increases in recent months.
Measures to rein in housing costs and car prices should also help keep inflation in check.
For the full year, MAS projects core inflation, which excludes housing and private transportation costs, to come in at 1.5 to 2.5 percent - down from its earlier estimates of 2 to 3 percent.
The headline inflation (CPI-All Items inflation) has also been lowered from 3.5 to 4.5 percent to 3 to 4 percent.
Now that the MAS has downgraded its inflation forecast for the year, some economists say there may be some room for the central bank to loosen its monetary policy in the next review in October.
But a lot will depend on the labour market conditions as well as economic outlook in the latter part of the year.
- CNA/ir
- wong chee tat :)
Tuesday, December 25, 2012
Singapore's Nov inflation moderates to 3.6% on-year
Singapore's Nov inflation moderates to 3.6% on-year
Posted: 24 December 2012 1406 hrs
SINGAPORE: Singapore's inflation moderated to 3.6 per cent on-year in November, down from 4.0 per cent in October and lower than what economists had expected.
Data released by the Ministry of Trade and Industry (MTI) and the Monetary Authority of Singapore (MAS) on Monday showed that the lower consumer price index (CPI) last month was mainly due to slower increases in housing and transports costs.
Accommodation costs rose 6.6 per cent in November, down from October's 6.8 per cent, on the back of smaller rental increases in both public and private housing.
Private road transport costs also slowed to 6.7 per cent, from 8.3 per cent in October due to lower car prices.
Combined, transport and housing accounted for just under two-thirds of the CPI-All Items in November, according to the MTI and MAS.
Marginal cost increases in holiday travel and healthcare also slowed services inflation to 2.9 per cent in November from 3.1 per cent in October.
But food inflation held steady at 1.7 per cent.
The November core inflation rate which excludes transport and accommodation also fell to 2.0 per cent last month, from 2.2 per cent in October.
MAS and MTI said imported inflation will be generally benign, while the persistent tightness in the labour market will support wage increases in 2013.
The central bank has forecast a full-year inflation of slightly above 4.5 per cent this year and between 3.5 per cent and 4.5 per cent in 2013.
Economists say the base effect from last year's higher inflation also kept November's inflation lower.
But they expect housing, transport and services costs to inch higher in the coming months.
- CNA/al/xq
- wong chee tat :)
Posted: 24 December 2012 1406 hrs
SINGAPORE: Singapore's inflation moderated to 3.6 per cent on-year in November, down from 4.0 per cent in October and lower than what economists had expected.
Data released by the Ministry of Trade and Industry (MTI) and the Monetary Authority of Singapore (MAS) on Monday showed that the lower consumer price index (CPI) last month was mainly due to slower increases in housing and transports costs.
Accommodation costs rose 6.6 per cent in November, down from October's 6.8 per cent, on the back of smaller rental increases in both public and private housing.
Private road transport costs also slowed to 6.7 per cent, from 8.3 per cent in October due to lower car prices.
Combined, transport and housing accounted for just under two-thirds of the CPI-All Items in November, according to the MTI and MAS.
Marginal cost increases in holiday travel and healthcare also slowed services inflation to 2.9 per cent in November from 3.1 per cent in October.
But food inflation held steady at 1.7 per cent.
The November core inflation rate which excludes transport and accommodation also fell to 2.0 per cent last month, from 2.2 per cent in October.
MAS and MTI said imported inflation will be generally benign, while the persistent tightness in the labour market will support wage increases in 2013.
The central bank has forecast a full-year inflation of slightly above 4.5 per cent this year and between 3.5 per cent and 4.5 per cent in 2013.
Economists say the base effect from last year's higher inflation also kept November's inflation lower.
But they expect housing, transport and services costs to inch higher in the coming months.
- CNA/al/xq
- wong chee tat :)
Saturday, November 24, 2012
Singapore's inflation rate eases to 4.0% in Oct
Singapore's inflation rate eases to 4.0% in Oct
By Kristie Neo | Posted: 23 November 2012 1428 hrs
SINGAPORE: Singapore's inflation rate eased to 4.0 per cent in October from 4.7 per cent the previous month.
This slower-than-expected increase in the consumer price index was mainly due to smaller gains in transportation and housing costs.
Meanwhile, the core inflation rate, which excludes transport and accommodation costs, fell to 2.2 per cent in October from 2.4 per cent in September.
The Monetary Authority of Singapore (MAS) said this was due to lower contributions from food and oil-related items.
In October, transport cost increases moderated to 8.3 per cent from 10.8 per cent the previous month, reflecting the correction in Certificate of Entitlement (COE) premiums in September.
However, the relief for consumers may be short-lived, with plenty of upside pressure expected into 2013.
Alvin Liew, senior economist at UOB, said: "Judging from the latest COE auctions, some of the categories went back to fairly high levels and two categories went up to record high levels. And that would mean there would be small upside pressure coming in from the transport, private road transport component."
Meanwhile, accommodation-related cost increases also slowed to 6.8 per cent in October from 7.7 per cent the previous month.
The MAS said the moderation was largely due to the lower base effect in September 2011, where HDB rental and service and conservancy charges (S&CC) rebates were given out.
Together, accommodation and transportation costs account for close to two-thirds of October's inflation figures.
Food and oil-related inflation rates also saw declines.
Food inflation slowed to 1.7 per cent in October compared to 2.1 per cent the preceding month, following smaller price increases in non-cooked food and prepared meals.
Prices of oil-related items also rose at a slower pace in tandem with the moderation in global crude oil prices.
Meanwhile, services inflation rose to 3.1 per cent in October from 3.0 per cent in September, due to a stronger pickup in the costs of holiday travel and household services.
Healthcare costs peaked at 5.2 per cent in October, the highest since mid-2008. This is compared to just 1.8 per cent a year ago.
Tim Condon, managing director and head of research (Asia) at ING Bank NV, said: "These are things that are not susceptible to supply shocks. They are really driven by demand, so they are up this year compared to a year ago.
"That suggests that inflation expectations actually are elevated in Singapore, so that actually puts a dampener on how quickly we will see inflation coming off here."
Looking forward, the MAS said that imported inflation will be generally benign, given the continued weakness in the global economy.
Still, the authority expects global food prices to potentially face upward pressures in the next few months and into the early part of 2013, due to weather-related supply disruptions.
MAS added: "Meanwhile the persistent tightness in the labour market will support slightly stronger wage increases in 2013, which will continue to be passed through to consumer prices."
On the whole, MAS anticipates core inflation to be "broadly stable" and averaging around 2.5 per cent this year, and 2 to 3 per cent in 2013.
For the full year, CPI-All items inflation will remain "elevated" in the fourth quarter of 2012 and the first quarter of 2013, reflecting significant contributions from housing and accommodation costs.
CPI-All items inflation is likely to come in slightly above 4.5 per cent in 2012 and ease to 3.5 to 4.5 per cent in 2013.
- CNA/xq/ms
- wong chee tat :)
By Kristie Neo | Posted: 23 November 2012 1428 hrs
SINGAPORE: Singapore's inflation rate eased to 4.0 per cent in October from 4.7 per cent the previous month.
This slower-than-expected increase in the consumer price index was mainly due to smaller gains in transportation and housing costs.
Meanwhile, the core inflation rate, which excludes transport and accommodation costs, fell to 2.2 per cent in October from 2.4 per cent in September.
The Monetary Authority of Singapore (MAS) said this was due to lower contributions from food and oil-related items.
In October, transport cost increases moderated to 8.3 per cent from 10.8 per cent the previous month, reflecting the correction in Certificate of Entitlement (COE) premiums in September.
However, the relief for consumers may be short-lived, with plenty of upside pressure expected into 2013.
Alvin Liew, senior economist at UOB, said: "Judging from the latest COE auctions, some of the categories went back to fairly high levels and two categories went up to record high levels. And that would mean there would be small upside pressure coming in from the transport, private road transport component."
Meanwhile, accommodation-related cost increases also slowed to 6.8 per cent in October from 7.7 per cent the previous month.
The MAS said the moderation was largely due to the lower base effect in September 2011, where HDB rental and service and conservancy charges (S&CC) rebates were given out.
Together, accommodation and transportation costs account for close to two-thirds of October's inflation figures.
Food and oil-related inflation rates also saw declines.
Food inflation slowed to 1.7 per cent in October compared to 2.1 per cent the preceding month, following smaller price increases in non-cooked food and prepared meals.
Prices of oil-related items also rose at a slower pace in tandem with the moderation in global crude oil prices.
Meanwhile, services inflation rose to 3.1 per cent in October from 3.0 per cent in September, due to a stronger pickup in the costs of holiday travel and household services.
Healthcare costs peaked at 5.2 per cent in October, the highest since mid-2008. This is compared to just 1.8 per cent a year ago.
Tim Condon, managing director and head of research (Asia) at ING Bank NV, said: "These are things that are not susceptible to supply shocks. They are really driven by demand, so they are up this year compared to a year ago.
"That suggests that inflation expectations actually are elevated in Singapore, so that actually puts a dampener on how quickly we will see inflation coming off here."
Looking forward, the MAS said that imported inflation will be generally benign, given the continued weakness in the global economy.
Still, the authority expects global food prices to potentially face upward pressures in the next few months and into the early part of 2013, due to weather-related supply disruptions.
MAS added: "Meanwhile the persistent tightness in the labour market will support slightly stronger wage increases in 2013, which will continue to be passed through to consumer prices."
On the whole, MAS anticipates core inflation to be "broadly stable" and averaging around 2.5 per cent this year, and 2 to 3 per cent in 2013.
For the full year, CPI-All items inflation will remain "elevated" in the fourth quarter of 2012 and the first quarter of 2013, reflecting significant contributions from housing and accommodation costs.
CPI-All items inflation is likely to come in slightly above 4.5 per cent in 2012 and ease to 3.5 to 4.5 per cent in 2013.
- CNA/xq/ms
- wong chee tat :)
Thursday, November 15, 2012
Singapore's consumer price inflation rate up by 4.8% year on year
Singapore's consumer price inflation rate up by 4.8% year on year
By Linette Lim | Posted: 15 November 2012 0004 hrs
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
- wong chee tat :)
By Linette Lim | Posted: 15 November 2012 0004 hrs
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
- wong chee tat :)
Tuesday, October 30, 2012
S'pore will grow between 1.5% and 2.5% this year: MAS
S'pore will grow between 1.5% and 2.5% this year: MAS
Posted: 30 October 2012 1241 hrs
SINGAPORE: Singapore is likely to see lacklustre economic growth and elevated inflation for the second consecutive year in 2013, said the Monetary Authority of Singapore (MAS).
Gross domestic product (GDP) growth "is likely to be positive though below-trend next year", the central bank said in its half-yearly macroeconomic review, adding that weakness in Europe and the slowdown in China will weigh on external-oriented sectors such as manufacturing.
As a result, MAS sees growth in the advanced economies subdued "for a protracted period as painful deleveraging continues", even as a muted recovery is envisaged for Asia ex-Japan.
But domestic-oriented sectors are set to remain resilient. This will provide support to Singapore's labour market, which should remain at close to full employment next year.
For 2012, the central bank is sticking to its projection that Singapore will grow between 1.5 and 2.5 per cent, down from 4.9 per cent last year and below the economy's growth trend of 3 to 5 per cent.
Singapore continues to face a short-term cyclical downturn in the macro economy as domestic restructuring policies are implemented, said the MAS.
In particular, trade-related activities, the IT cluster, and regionally exposed services have been most badly affected by the cyclical downturn.
On a bright note, domestic-oriented activities have been a key pillar of support, contributing almost 70 per cent of the growth in the first half of 2012 despite accounting for only a third of Singapore's GDP.
MAS also said that it is "important for medium-term restructuring in the domestic economy to proceed even as Singapore faces short-term cyclical headwinds".
Domestic restructuring, which saw the tightening of foreign worker policies, boosted demand for resident workers in the low- and mid-skilled segments, especially in domestic industries like construction and services.
This pushed up wages and added pressure to domestic costs, said MAS. It added that unit labour costs could rise by as much as 3 to 4 per cent in 2013, following the 4 to 5 per cent increase this year.
Higher business costs could be absorbed by firms through lower profit margins in the short term, but there may be some pass through to consumers.
MAS said that this sequential increase in core prices "while unlikely to reach the high in early 2012, is expected to pick up".
Core inflation, which excludes accommodation and private road transport, will likely stay above its long-term average at 2.5 per cent this year, and 2 to 3 per cent in 2013.
CPI-all items inflation is likely to slightly exceed the government's forecast of 4.0 to 4.5 per cent this year, and ease to the 3.5 to 4.5 per cent range next year.
- CNA/al
- wong chee tat :)
Posted: 30 October 2012 1241 hrs
SINGAPORE: Singapore is likely to see lacklustre economic growth and elevated inflation for the second consecutive year in 2013, said the Monetary Authority of Singapore (MAS).
Gross domestic product (GDP) growth "is likely to be positive though below-trend next year", the central bank said in its half-yearly macroeconomic review, adding that weakness in Europe and the slowdown in China will weigh on external-oriented sectors such as manufacturing.
As a result, MAS sees growth in the advanced economies subdued "for a protracted period as painful deleveraging continues", even as a muted recovery is envisaged for Asia ex-Japan.
But domestic-oriented sectors are set to remain resilient. This will provide support to Singapore's labour market, which should remain at close to full employment next year.
For 2012, the central bank is sticking to its projection that Singapore will grow between 1.5 and 2.5 per cent, down from 4.9 per cent last year and below the economy's growth trend of 3 to 5 per cent.
Singapore continues to face a short-term cyclical downturn in the macro economy as domestic restructuring policies are implemented, said the MAS.
In particular, trade-related activities, the IT cluster, and regionally exposed services have been most badly affected by the cyclical downturn.
On a bright note, domestic-oriented activities have been a key pillar of support, contributing almost 70 per cent of the growth in the first half of 2012 despite accounting for only a third of Singapore's GDP.
MAS also said that it is "important for medium-term restructuring in the domestic economy to proceed even as Singapore faces short-term cyclical headwinds".
Domestic restructuring, which saw the tightening of foreign worker policies, boosted demand for resident workers in the low- and mid-skilled segments, especially in domestic industries like construction and services.
This pushed up wages and added pressure to domestic costs, said MAS. It added that unit labour costs could rise by as much as 3 to 4 per cent in 2013, following the 4 to 5 per cent increase this year.
Higher business costs could be absorbed by firms through lower profit margins in the short term, but there may be some pass through to consumers.
MAS said that this sequential increase in core prices "while unlikely to reach the high in early 2012, is expected to pick up".
Core inflation, which excludes accommodation and private road transport, will likely stay above its long-term average at 2.5 per cent this year, and 2 to 3 per cent in 2013.
CPI-all items inflation is likely to slightly exceed the government's forecast of 4.0 to 4.5 per cent this year, and ease to the 3.5 to 4.5 per cent range next year.
- CNA/al
- wong chee tat :)
Tuesday, October 23, 2012
Singapore inflation rises to 4.7% in September
Singapore inflation rises to 4.7% in September
By Kristie Neo | Posted: 23 October 2012 1312 hrs
SINGAPORE: Singapore's inflation rate accelerated last month, driven again by housing and transport costs.
Data from the Department of Statistics showed the Consumer Price Index (CPI) in September rose 4.7 percent from the same month a year ago.
That's up from 3.9% in August, which was the lowest rate in almost two years.
September's inflation rate marks a reversal of price moderations experienced over the last three months.
The Monetary Authority of Singapore (MAS) said the pick-up in September was anticipated given the surge in COE prices the previous month.
COE premiums rose 40% on-year to a record average high of S$83,600, pushing private transport costs up 10.8 percent year-on-year following a 6.3 percent increase in August.
Alvin Liew, UOB's senior economist, said: "Currently (inflation is) at 4.7 per cent, I believe that if transport costs or the COE premiums were to spike in some of the months (ahead), it won't be too surprising to see our inflation rate for some of the months going up above 5% again."
Housing cost inflation in September jumped by 7.7 percent from a year earlier, compared with a 7.4 percent rise in the previous month.
Analysts say that while housing and transport costs remain a concern, the increasing price of services, particularly healthcare and education, should also be watched.
Mr Leon Perera, CEO of Spire Research and Consulting, said: "In the area of healthcare, due to the medical treatment component, there has been a significant price spike in September...that is more than the trend line in the year as a whole, and in education, to a lesser extent, that is the case as well."
Services inflation inched up to 3 percent in September against a 2.7 percent rise in August, reflecting a stronger pickup in the cost of holiday travel and household services.
Meanwhile, food price inflation eased slightly to 2.1 percent in September, down from a 2.3 percent increase in August.
Analysts say September's elevated inflation rate justifies the MAS' decision last month to leave intact its policy of a modest and gradual appreciation of the Singapore dollar to help dampen inflation.
- CNA/fa/ir
- wong chee tat :)
By Kristie Neo | Posted: 23 October 2012 1312 hrs
SINGAPORE: Singapore's inflation rate accelerated last month, driven again by housing and transport costs.
Data from the Department of Statistics showed the Consumer Price Index (CPI) in September rose 4.7 percent from the same month a year ago.
That's up from 3.9% in August, which was the lowest rate in almost two years.
September's inflation rate marks a reversal of price moderations experienced over the last three months.
The Monetary Authority of Singapore (MAS) said the pick-up in September was anticipated given the surge in COE prices the previous month.
COE premiums rose 40% on-year to a record average high of S$83,600, pushing private transport costs up 10.8 percent year-on-year following a 6.3 percent increase in August.
Alvin Liew, UOB's senior economist, said: "Currently (inflation is) at 4.7 per cent, I believe that if transport costs or the COE premiums were to spike in some of the months (ahead), it won't be too surprising to see our inflation rate for some of the months going up above 5% again."
Housing cost inflation in September jumped by 7.7 percent from a year earlier, compared with a 7.4 percent rise in the previous month.
Analysts say that while housing and transport costs remain a concern, the increasing price of services, particularly healthcare and education, should also be watched.
Mr Leon Perera, CEO of Spire Research and Consulting, said: "In the area of healthcare, due to the medical treatment component, there has been a significant price spike in September...that is more than the trend line in the year as a whole, and in education, to a lesser extent, that is the case as well."
Services inflation inched up to 3 percent in September against a 2.7 percent rise in August, reflecting a stronger pickup in the cost of holiday travel and household services.
Meanwhile, food price inflation eased slightly to 2.1 percent in September, down from a 2.3 percent increase in August.
Analysts say September's elevated inflation rate justifies the MAS' decision last month to leave intact its policy of a modest and gradual appreciation of the Singapore dollar to help dampen inflation.
- CNA/fa/ir
- wong chee tat :)
Monday, January 24, 2011
Inflation in S'pore continued rise in December
Inflation in S'pore continued rise in December
By Travis Teo | Posted: 24 January 2011 1436 hrs
SINGAPORE: Data released on Monday by the Department of Statistics (DOS) showed that the consumer price index (CPI) rose by 4.6 per cent on-year.
Higher costs in transport, housing and food led to the price hike.
DOS said that excluding housing, the consumer price index went up by a lower 4.3 per cent.
Meanwhile, compared to the previous month, CPI in December rose by 0.2 per cent due to higher costs of transport, food and recreation.
DOS said the increase more than offset the decline in housing cost.
It added that excluding housing, the consumer price index was 0.5 per cent higher.
And for the full year of 2010, the consumer price index rose by 2.8 per cent compared with 2009.
Excluding housing costs, the consumer price index for 2010 grew by 3.3 per cent.
-CNA/ac
- wong chee tat :)
By Travis Teo | Posted: 24 January 2011 1436 hrs
SINGAPORE: Data released on Monday by the Department of Statistics (DOS) showed that the consumer price index (CPI) rose by 4.6 per cent on-year.
Higher costs in transport, housing and food led to the price hike.
DOS said that excluding housing, the consumer price index went up by a lower 4.3 per cent.
Meanwhile, compared to the previous month, CPI in December rose by 0.2 per cent due to higher costs of transport, food and recreation.
DOS said the increase more than offset the decline in housing cost.
It added that excluding housing, the consumer price index was 0.5 per cent higher.
And for the full year of 2010, the consumer price index rose by 2.8 per cent compared with 2009.
Excluding housing costs, the consumer price index for 2010 grew by 3.3 per cent.
-CNA/ac
- wong chee tat :)
Sunday, January 17, 2010
StanChart expects S'pore economy to grow by 5.1% in 2010
StanChart expects S'pore economy to grow by 5.1% in 2010
By Chris Howells, Channel NewsAsia | Posted: 15 January 2010 2137 hrs
By Chris Howells, Channel NewsAsia | Posted: 15 January 2010 2137 hrs
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 Singapore's night skyline |
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SINGAPORE: Despite the brightening outlook, Standard Chartered Bank said it expects some volatility ahead for export-oriented economies in Asia, including Singapore.
Overall, the lender is forecasting the Singapore economy to expand by 5.1 per cent in 2010. This is slightly higher than the government's estimate of 3 per cent to 5 per cent growth.
StanChart expects the Singapore dollar to continue appreciating against the US dollar - ending the year at near S$1.32 to the greenback.
StanChart also expects inflation to hit 3 per cent. The bank said this will give the central bank impetus to consider tightening its monetary policy later this year.
Tai Hui, regional head of economic research, S.E Asia, Standard Chartered Bank, said: "Going into H2, we will start to see a bit more inflation pressure building up in the economy and a bit more sustainability building in the economy.
"And both of these factors should persuade the central bank to consider tightening policy moderately in the October monetary policy statement."
- CNA/sc
- wong chee tat :)
Thursday, November 5, 2009
S'pore workers can expect 3% salary rise next year: survey
S'pore workers can expect 3% salary rise next year: survey
By 938LIVE | Posted: 05 November 2009 1333 hrs
SINGAPORE: Employees in Singapore can expect salary increases of three per cent next year. That is up from this year's two per cent, said outplacement firm, ECA International.
Its latest Salary Trends Survey said within the region, salary increases remain highest in China, India, Indonesia and Vietnam. Pay rises will be lowest in Japan.
ECA International's regional director for Asia, Lee Quane, said Singapore's forecast pay increases, like Hong Kong and Taiwan's, are lower than the regional average.
This is due to the fact that these are developed economies with low inflation rates.
The survey found that salary increases within the region are predicted to average at five per cent in 2010, almost twice as high as this year.
Mr Quane said these forecasts are an indicator that companies operating within the region are much more confident about economic conditions than a year ago.
They suggest that many employers are actively making up for the fact that employees typically experienced little or no salary increase this year.
- 938LIVE/vm
- wong chee tat :)
By 938LIVE | Posted: 05 November 2009 1333 hrs
SINGAPORE: Employees in Singapore can expect salary increases of three per cent next year. That is up from this year's two per cent, said outplacement firm, ECA International.
Its latest Salary Trends Survey said within the region, salary increases remain highest in China, India, Indonesia and Vietnam. Pay rises will be lowest in Japan.
ECA International's regional director for Asia, Lee Quane, said Singapore's forecast pay increases, like Hong Kong and Taiwan's, are lower than the regional average.
This is due to the fact that these are developed economies with low inflation rates.
The survey found that salary increases within the region are predicted to average at five per cent in 2010, almost twice as high as this year.
Mr Quane said these forecasts are an indicator that companies operating within the region are much more confident about economic conditions than a year ago.
They suggest that many employers are actively making up for the fact that employees typically experienced little or no salary increase this year.
- 938LIVE/vm
- wong chee tat :)
Tuesday, December 9, 2008
S'poreans less confident of getting by without main source of income
S'poreans less confident of getting by without main source of income
By Dominique Loh, Channel NewsAsia Posted: 09 December 2008 1756 hrs
SINGAPORE: Singaporeans these days are less confident of surviving without their main source of income, according to a recent survey conducted by American International Assurance (AIA) Company.
The AIA survey showed that only 19 per cent of interviewees said they could get by for more than two years without a primary source of income – down from 27 per cent a year before.
The survey was conducted between June and July this year, so the results and findings did not take into account the recent episode of financial products linked to failed US investment bank Lehman Brothers.
It also did not factor in the global financial developments in the past few months.
The survey suggested that Singaporeans are now more aware that they cannot cope without an income. Due to inflation, a person's savings for future plans may only last for less than a year.
One Singaporean, who was asked if he has saved enough to get by without an income, said: "I wouldn't know if I have prepared enough as I go on. I don't know how long I'll live."
"Even if I get a big pay check, I don't go out and spend. I'm like a squirrel – I like to save my money, watch the number grow and not spend it," another added.
"I've taken away my cable TV, and I've started shifting to NTUC for grocery purchases. I'm going to sell my car. It's going to be tough times," another responded.
More than 1,200 people over 18 years old were surveyed.
-http://www.channelnewsasia.com/stories/singaporelocalnews/view/395161/1/.html
- wong chee tat :)
By Dominique Loh, Channel NewsAsia Posted: 09 December 2008 1756 hrs
SINGAPORE: Singaporeans these days are less confident of surviving without their main source of income, according to a recent survey conducted by American International Assurance (AIA) Company.
The AIA survey showed that only 19 per cent of interviewees said they could get by for more than two years without a primary source of income – down from 27 per cent a year before.
The survey was conducted between June and July this year, so the results and findings did not take into account the recent episode of financial products linked to failed US investment bank Lehman Brothers.
It also did not factor in the global financial developments in the past few months.
The survey suggested that Singaporeans are now more aware that they cannot cope without an income. Due to inflation, a person's savings for future plans may only last for less than a year.
One Singaporean, who was asked if he has saved enough to get by without an income, said: "I wouldn't know if I have prepared enough as I go on. I don't know how long I'll live."
"Even if I get a big pay check, I don't go out and spend. I'm like a squirrel – I like to save my money, watch the number grow and not spend it," another added.
"I've taken away my cable TV, and I've started shifting to NTUC for grocery purchases. I'm going to sell my car. It's going to be tough times," another responded.
More than 1,200 people over 18 years old were surveyed.
-http://www.channelnewsasia.com/stories/singaporelocalnews/view/395161/1/.html
- wong chee tat :)
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