Business | Economy
Singapore inflation falls to 11-month low
Singapore's inflation rate fell to an 11-month low in November as plunging oil prices lowered gasoline costs, according to data released yesterday by the country's statistics department.
- AP
- Published: 23:42 December 23, 2008
Singapore: Singapore's inflation rate fell to an 11-month low in November as plunging oil prices lowered gasoline costs, according to data released yesterday by the country's statistics department.
The consumer price index in November gained 5.5 per cent from the same month last year, following a 6.4 per cent year-on-year increase in October.
Inflation has slowed from a 26-year high in June of 7.5 per cent.
Transport and Communication costs - which include gasoline - fell 1.9 per cent in November from a year earlier. Prices of food, which account for 23 per cent of the index, rose 6.9 per cent while housing prices, which make up 21 per cent of the index, gained 15.7 per cent.
Oil futures fell to nearly a five-year low last week, down about 75 per cent 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 one per cent and two per cent as economic growth slows.
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