Singapore's Nov consumer prices up 4.2% year-on-year
Posted: 24 December 2007 1545 hrs

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SINGAPORE : Singapore's consumer prices rose faster-than-expected in November, underpinned by higher costs for food and housing, said the Department of Statistics on Friday.

The consumer price index - a non-core measure of costs for goods and services - rose 4.2 percent from a year earlier, after rising 3.6 percent in October.

Last month, the government raised its inflation forecast for next year to 3.5-4.5 percent, with a peak at around 5 percent at the start of 2008.

Rising costs of imported goods and a robust real estate market sparked a pickup in inflation late this year, prompting the central bank to tighten monetary policy in October.

Housing costs increased on account of higher rents.

Prices for food were higher as a result of more expensive vegetables, bread, and fresh pork.

Transport expenses also increased, mainly as a result of more costly gasoline.

On month, the index gained 0.6 percent in seasonally adjusted terms, surpassing a forecast for a 0.3 percent rise. The index rose 1.3 percent in October from September.

In unadjusted terms, the CPI also rose 0.6 percent in November from October. - CNA/ch