Friday, 23 November 2007

Inflation accelerates in Singapore and Hong Kong

Asian economies have remained resilient lately, but accelerating inflation is the price they are paying.

Singapore's inflation rate is at the highest since 1991. From Bloomberg today:

Singapore's inflation accelerated in October to the highest since 1991, suggesting the central bank will allow the currency to strengthen further to curb consumer price gains.

The consumer price index jumped 3.6 percent from a year earlier, after gaining 2.7 percent in September, the Department of Statistics said today. The figure exceeded all estimates by economists surveyed by Bloomberg News, where the median forecast was a 2.8 percent gain. Prices rose 1.3 percent from September.

Yesterday, Bloomberg had reported that inflation in Hong Kong accelerated in October to the highest since July 1998.

Hong Kong's inflation accelerated in October to a nine-year high after rents rose because the government resumed charging a property tax.

Consumer prices rose 3.2 percent from a year earlier, the Census and Statistics Department said today on its Web site. That was double September's pace and more than the 2.7 percent median estimate of 12 economists surveyed by Bloomberg News.

India managed to buck the trend, at least as far as the official numbers are concerned. Bloomberg reports today:

India's inflation held near a five- year low as the government subsidized fuel to protect consumers from record crude oil prices ahead of elections.

Wholesale prices rose 3.01 percent in the week ended Nov. 10 from a year earlier, slower than a 3.11 percent gain in the previous week, the Ministry of Commerce and Industry said today in New Delhi. Analysts had forecast inflation at 3.20 percent.

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