FLATION in Singapore grew at a faster clip in April - rising from 1.2
per cent year on year in March to 2.5 per cent last month - though the
acceleration was slightly less than economists had expected.
Both the government and private sector analysts had been expecting
stronger price increases in April, given the low base a year ago. Back
then, certificate of entitlement (COE) premiums had dropped off,
following the introduction of car loan curbs.
Indeed, the jump in April's consumer price index (CPI) was largely due to a rise in car prices; private road transport costs climbed 5.7 per cent in April, reversing four consecutive months of decline. The increase reflected the rise in COE premiums - exacerbated by the low base in April 2013 - and an edging up of petrol pump prices.
The median forecast of 16 economists polled by Bloomberg before the Department of Statistics released the data yesterday was for a 2.6 per cent year-on-year increase in headline inflation - just a little higher than the actual number of 2.5 per cent.
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Indeed, the jump in April's consumer price index (CPI) was largely due to a rise in car prices; private road transport costs climbed 5.7 per cent in April, reversing four consecutive months of decline. The increase reflected the rise in COE premiums - exacerbated by the low base in April 2013 - and an edging up of petrol pump prices.
The median forecast of 16 economists polled by Bloomberg before the Department of Statistics released the data yesterday was for a 2.6 per cent year-on-year increase in headline inflation - just a little higher than the actual number of 2.5 per cent.
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