Singapore Central Bank Raises 2008 Inflation Forecast

E-MAILED (RTTNews) - The Monetary Authority of Singapore revised its 2008 CPI inflation forecast to 6%-7% from an earlier estimate of 5%-6%, managing director Heng Swee Keat said in his opening remarks at MAS' Annual Report 2007/2008 Press Conference on Thursday. Heng said "Higher oil prices, continued high prices of food, and inflationary pressures in our trading partners - have affected Singapore because of our openness and heavy dependence on imports." Given the outcome in the first half of the year, the central banker stated that the new forecast range implies that headline CPI inflation is expected to come down over the rest of the year. On the economic front, Heng stated that economic activity is moderating. The economy had enjoyed 17 consecutive quarterly expansions and started showing weak growth momentum since the... [read full story]