Singapore's CPI rises to 5.2% in June

Singapore's consumer price index (CPI) in June rose 5.2 percent year on year, up from 4.5 percent in May, the Department of Statistics said on Monday. The upward cost pressures were mainly attributable to sectors of transport, housing and food. The cost of transport rose by 10.4 percent, largely due to higher prices of cars and petrol. In particular, the increase in car prices in June partially reflected the lower base effect as car prices dropped in June last year, the department said. The rise in accommodation costs and electricity tariffs led to the housing costs rising by 8.8 percent, while food prices went up 3.1 percent. Excluding accommodation costs, the CPI was 4.0 percent higher compared to the same period last year. On a month-on-month basis, the headline CPI in June 2011 fell by 0.2 percent. The costs of housing declined by 0.9 percent on a month-on-month basis, due mainly to lower service and conservancy charges with given rebates in June. In terms of the core inflation measure, which excludes the costs of accommodation and private road transport, it remained unchanged in June on a month-on-month basis, while it saw a 2.3 percent increase year on year. The Monetary Authority of Singapore, the city state's central bank, has allowed the Singapore dollar to appreciate against a basket of foreign currencies to relieve the inflationary pressure. CPI inflation peaked at 5.4 percent in January and has since been falling before June.