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Singapore households see 0.4% inflation in H2 2014

Friday, January 23, 2015 - 15:41
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Singapore's households experienced a 0.4 per cent inflation rate in the second half of 2014 - lower than the 1.7 per cent rise seen in the preceding six months, said the Department of Statistics (DOS) in a report on Friday.

SINGAPORE'S households experienced a 0.4 per cent inflation rate in the second half of 2014 - lower than the 1.7 per cent rise seen in the preceding six months, said the Department of Statistics (DOS) in a report on Friday.

Excluding imputed rentals on owner-occupied accommodation, the consumer price index (CPI) went up by 0.7 per cent in the second half of 2014, slower than the increase of 1.7 per cent in the first half of 2014.

Inflation's impact on households varied across different income groups - worst hit were the bottom 20 per cent of households, for whom inflation rose by one per cent. Inflation for the middle 60 per cent increased by 0.6 per cent, while the richest fifth of households saw inflation remaining unchanged.

"For all three income groups, more expensive food, higher school & tuition fees, as well as costlier medical treatment fees contributed to the increase in their respective (inflation rates). These price increases were partially offset by lower car and petrol prices, accommodation costs, as well as electricity tariffs," said DOS.

It added that higher food prices had had a larger impact on poorer households, due to this group's larger share of expenditure on food items.

Read more: Singapore's inflation is negative for a second straight month in December

 

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