25 Jul '11, 11am

Singapore's inflation quickens to fastest pace since January, on rising food and housing prices

SINGAPORE - Singapore's inflation accelerated to the fastest pace since January as food and housing costs increased, sustaining pressure on the central bank to allow the currency to appreciate and contain price gains. The consumer price index rose 5.2 per cent last month from a year earlier, the Department of Statistics said in a statement today. That matched the median estimate of 13 economists surveyed by Bloomberg News. Inflation was 4.5 per cent in May, according to previously reported data. The Monetary Authority of Singapore raised its inflation forecast for 2011 last week, citing higher home rental and transportation costs. The island's currency has appreciated to unprecedented levels since the central bank said in April it would allow further appreciation to tame price gains, the third monetary tightening in a year. "We do see some upside risks for inflation," Pay ...

Full article: http://www.todayonline.com/Singapore/EDC110725-0000099/Si...

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