High Inflation still, an Unmerry Christmas
Adding to the Christmas gloom, inflation rate has dropped to 5.5% but is still almost twice the normal inflation rate during the good years. Inflation and price of oil has decreased but not public transport costs though. Those who invested are sitting on paper losses, those 10,500 who bought property on the DPS are at risk, unemployment expected to grow from the standard 2.2% as people get laid off festive season or not, ho ho ho Black Christmas all. Next month instead of February, we just might get a real Hong Bao Budget if the government wants to be in our good books.
Singapore November inflation falls to 5.5 percent
5 hours ago
SINGAPORE (AP) — Singapore’s inflation rate fell to an 11-month low in November as plunging oil prices lowered gasoline costs, according to data released Tuesday by the country’s statistics department.
The consumer price index in November gained 5.5 percent from the same month last year, following a 6.4 percent year-on-year increase in October. Inflation has slowed from a 26-year high in June of 7.5 percent.
Transport and Communication costs — which include gasoline — fell 1.9 percent in November from a year earlier. Prices of food, which account for 23 percent of the index, rose 6.9 percent while housing prices, which make up 21 percent of the index, gained 15.7 percent.
Oil futures fell to nearly a five-year low last week, down about 75 percent from five months earlier.
Compared with the previous month, the consumer price index fell 0.2 percentage points in November.
The government expects the inflation rate to fall next year to between 1 percent and 2 percent as economic growth slows. The economy slipped into recession in the third quarter as a fall in external demand battered the city-state’s exports.