Singapore's CPI inflation rises to 4.7 pct in September

The consumer price inflation in Singapore rose to 4.7 percent in September, compared with 3.9 percent for August, the Department of Statistics said on Tuesday. The Monetary Authority and the Ministry of Trade and Industry said the pickup has been "anticipated in the August inflation report and was largely attributed to the surge in COE premiums in August." The premiums for the Certificates of Entitlement (COEs), which are required for owning cars and other vehicles and are available through opening bidding, have been running high. Authorities have said that the inflationary pressure is expected to remain over the months to come, and the Monetary Authority of Singapore has maintained its policy stance of slow and gradual appreciation of the Singapore dollar against a basket of foreign currencies to mitigate inflationary pressure. The rise in the inflation in September was mainly driven by high costs for private road transport and housing. Private road transport cost climbed by 10.8 percent in September, up from the growth of 6.3 percent in August, while accommodation cost growth rose to 7.7 percent in September from 7.4 percent in August. The services inflation also inched up to 3 percent from 2.7 percent, reflecting the stronger pickup in the cost of holiday travel and household services. Food price inflation eased slightly to 2.1 percent in September, from 2.3 percent in August.