The Macau Metro Monitor, July 21, 2011
SINGAPORE RAISES CPI FORECAST, SAYS POLICY APPROPRIATE WSJ
Monetary Authority of Singapore (MAS) Managing Director Ravi Menon said MAS raised its 2011 inflation forecast to 4-5%, up from its previous forecast of 3-4%, due to an unexpected rise in home rentals and car prices. However, MAS said its forecast for core inflation remains unchanged at between 2-3% for 2011. Menon added that inflation, which eased to 4.5% in May from January's two-year high 5.5%, is likely to creep back above 5% for the next couple of months as home rental contracts are being renewed at higher levels and car prices continue to rise. Menon also mentioned that the MAS and trade ministry are reviewing the 2011 economic growth forecast of 5%-7% given growing uncertainties in the U.S. and Europe.
CONSUMER PRICE INDEX FOR JUNE 2011 DSEC
June CPI increased by 5.65% YoY and 0.76% MoM.