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THE Government has revised the forecast for inflation this year, expecting it to hold steady or fall 1 per cent after inflation eased in December for a third month, giving the central bank room to allow the currency to weaken further and boost the economy.
The consumer price index (CPI) rose 4.3 per cent last month from a year earlier, after gaining 5.5 per cent in November, helped by a drop in fuel prices, said the Department of Statistics in a statement on Wednesday.
Food prices, which make up 23 per cent of the index, rose 6.5 per cent in December from a year earlier, following November's 6.9 per cent increase. Transport and communication costs fell 5.7 perc ent as gasoline prices dropped. The CPI went up by 6.5 per cent in 2008 from a year ago due mainly to higher costs of food, housing and transport and communication. Food prices rose by 7.8 per cent for the year, as a result of dearer cooked food, rice and other cereals, milk products, seafood, fresh poultry and cooking oils. Reflecting higher accommodation costs and electricity tariff, housing cost soared by 12.7 per cent in 2008. Despite lower road tax and car prices, costs of transport and communication went up by 3.3 per cent on account of dearer petrol and higher taxi fares. Excluding accommodation costs, the consumer price index rose by 5.5 per cent in 2008 compared with 2007. Singapore's inflation has been on the downtrend since peaking at a 26-year high of 7.5 per cent in April, May and June. Singapore's economy may shrink as much as 5 per cent this year, the most on record, the government said on Wednesday.
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