Tags: Singapore | Deflation | Eases | Economic | Recovery | consumer | prices

Singapore Deflation Eases Amid Economic Recovery

Wednesday, 23 Dec 2009 10:16 AM

Singapore's consumer prices fell 0.2 percent from a year earlier in November, the smallest decline in eight months as deflation eases amid an economic recovery.

The drop in the consumer price index for the 12 months through November followed a 0.8 percent drop in the 12 months to October, the statistics department said Wednesday. Compared to October, November's CPI rose 0.4 percent.

Prices will likely rise in December and jump about 3 percent next year as the government boosts its calculation of public housing values, Alvin Liew, an economist with Standard Chartered in Singapore, said in a report.

"Domestic price pressures will otherwise remain manageable as there remains significant slack in the economy even when external demand improves next year," Liew said.

Prices fell for most of this year amid recession. The government expects the economy to contract up to 2.5 percent this year and grow as much as 5 percent next year.

Housing costs — which include gas and electricity — dropped 4.6 percent from a year earlier, transport and communication rose 2.4 percent and food jumped 0.7 percent. Inflation has eased from a 26-year high in June 2008 of 7.5 percent.

The central bank expects inflation to quicken from zero percent this year to between 2.5 percent and 3.5 percent next year.

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Singapore's consumer prices fell 0.2 percent from a year earlier in November, the smallest decline in eight months as deflation eases amid an economic recovery. The drop in the consumer price index for the 12 months through November followed a 0.8 percent drop in the 12...
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2009-16-23
Wednesday, 23 Dec 2009 10:16 AM
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