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which wise guy said that poorer families are not as badly impacted by inflation as the rich? [sINGAPORE] Inflation is still not coming down and appears to have hit poorest households hardest in the first half of this year. Policymakers expect inflation to moderate in the second half of the year after June's rebound to 5.3 per cent, but high inflation makes any loosening of monetary policy dicey, even as slowing growth raises the need to. The government now expects inflation in 2012 to come in at the upper half of its 3.5 to 4.5 per cent forecast range. June's consumer price index (CPI) was unchanged from a month ago, but the latest year-on-year jump brings inflation for the first half of 2012 to 5.1 per cent. Inflation's impact on households varies across different income groups, a separate report released by the Department of Statistics (DoS) yesterday shows. Worst hit were the bottom 20 per cent of households, for whom inflation rose from 5.4 per cent in the July to December period last year, to 6.3 per cent in the first half of this year. Inflation for the middle 60 per cent income group slipped from 5.4 per cent to 5.2 per cent, while for the richest fifth of households, inflation eased from 5.7 per cent to 4.6 per cent. DoS emphasised that overall inflation numbers are due to higher imputed rentals on houses occupied by their owners. This does not have an impact on cash expenditures of those who own their homes. Excluding these imputed rentals, inflation was comparable across income groups. But the poorest 20 per cent of households still saw inflation rising most, from 2.6 per cent in H2 2011 to 4.1 per cent for H1 2012. The middle income group's inflation slipped from 4 per cent to 3.9 per cent, while inflation slowed for the top 20 per cent, from 5 per cent to 4 per cent. UniSIM senior lecturer Tan Khay Boon noted that lower oil and commodity prices may help lower income households, which tend to spend a larger portion of income on food. However, the lowest income group also faced higher healthcare cost inflation of 4.3 per cent, compared with the middle and high income households' 4 and 3.9 per cent. "Healthcare cost may increasingly be a burden to the low income group and more assistance in this area may be needed," he said. Housing and transport costs were the main culprits driving up the CPI by a faster-than-expected 5.3 per cent in June from a year ago. This came after inflation had slowed to 5 per cent in May from April's 5.4 per cent. This choppy trend is partly because rebates for service and conservancy charges (S&CC) were disbursed to HDB households in April and June last year but not this year, exacerbating cost hikes this April and June. Still, accommodation cost inflation has been stronger than the authorities expected. "Leasing contracts continue to be renewed at significantly higher rental rates, especially in the HDB segments," the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) said in joint comments yesterday. Accommodation costs sped up to rise 10.8 per cent year-on-year in June contributing 2.2 percentage points of June's inflation, up from 1.8 percentage points in May. Car prices surged from a year ago but lower petrol prices and ERP charges helped slow the rise in private transport cost, from May's 10.3 per cent to 9.7 per cent in June. Excluding accommodation and private road transport (which formed two thirds of June's inflation), MAS's core inflation measure held steady at 2.7 per cent for a third straight month. Sharper spikes in clothing and footwear prices were offset by slower price gains in other segments of the CPI basket. Services inflation slid from 2.9 per cent in May to 2.8 per cent in June, while food inflation slowed from 2.5 per cent in May to 2.3 per cent in June. "The pass-through of wages and other business costs to consumer prices will continue, but at a more moderate pace," MAS and MTI said. They also expect earlier weakness in global commodity prices to dampen pressures on oil and food items in the near term. But UOB economist Alvin Liew thinks the recent surge in soft commodity prices, due to parched weather conditions in key farming regions, may lead to higher food prices in the second half of this year. Barclays economist Leong Wai Ho thinks so too, noting that corn, wheat and soybeans prices are at least 30 per cent higher than what they were at the start of the year. Food weighs 22 per cent in the CPI basket of goods, compared with accommodation's 20 per cent and private road transport's 11.6 per cent. Stubborn inflation implies a "tougher balancing act" for the MAS, Mr Leong says. Already, Singapore's growth has slowed, sparking talk of a technical recession and raising the odds that MAS may ease monetary policy in October. While most economists still expect the MAS to keep policy tight to stem inflation pressures, Mr Leong thinks growth concerns are likely to overshadow inflation, unless coordinated easing by global central banks turns the global economic outlook rosy. Citi economists Kit Wei Zheng and Brian Tan said in a note yesterday that expected near-term inflation of 4 per cent sets the hurdle high but is "not an insurmountable obstacle for monetary easing", given that weaker growth could set the stage for disinflation next year.

anybody encountered this? was ok w 98, managing 11.5 - 13km/l. after pumped v-pwr fuel due to promo of price same as 98, next few tanks returned much poorer FC, say around 10.+km/l. checked no leak anywhere, tire press ok, alignment ok, drivin pattern n routes similar nature, no extra load. anyone encountered this b4? if can't normalize, does reset ECU helps n how to reset? TIA.

Michelin claims that their new Primacy LC tyre reduce rolling resistance by 13%. With lesser rolling resistance, does that mean less friction? When there is less friction, does that then mean poorer grip? I know nothing about tyre physics or chemistry but it just seems to me that tyre acts on resistance for grip so it sounds natural to me that less friction means less grip? Pls refer to following link for descripton of Michelin Primacy LC on description of reduced lower resisance and better fuel economy: http://www.michelin.com.sg/tyre/patterndetail/33/320 Any kind soul can help to enlighten? Also, anyone have any experience on this tyre? How's the grip and what's the price? Thanks!

Home Young Singapore adults sinking deeper into debt Singapore - Young employed adults below 30 are Singapore's fastest-growing group of debtors, a published report said on Sunday. On average, they owe 55,000 Singapore dollars (41,000 US dollars) to about seven creditors, according to Credit Counselling Singapore (CCS). The under-30s made up 13 per cent of all cases handled by the non-profit group last year, up from 9 per cent in 2006, said the findings in The Sunday Times. During the first three months of this year, the under-30s mired in debt climbed to 15 per cent. CCS told the newspaper that most of the young adults are snared by materialism and splash money on cars, branded goods, overseas holidays, clubbing and gadgets. Gambling is also a strong lure. It is a "definite cause for concern to see more young people with bigger debts," CCS president Kuo How Nam was quoted as saying. Succumbing to the temptations of consumerism while knowing little about financial and credit management are to blame, he said. The Credit Bureau of Singapore noted that young adults between 21 and 29 are more likely to miss credit card payments, or not pay them in full, compared to other groups. Counsellors suggest schools start equipping students with credit and financial management skills. Financial institutions should also practice more responsible lending and not encourage a proliferation of cards among the young, they said. But bureau general manager Mark Rowley said it was difficult to criticize the banks, "as they're in the business of lending money." (dpa) http://www.topnews.in/young-singapore-adul...per-debt-249110

A CARPARK operator which at first won $3,000 from a motorist who drove off with one of its wheel clamps is now a lot poorer for having pushed its case through the courts. Blenwel Agencies now has to pay up 12 times the sum in legal costs - including $5,000 in costs - for bringing its case right up to the Court of Appeal. The Appeals Court, explaining its reasons in a judgement released last week, reminded lawyers against bringing up such 'hopeless applications' in future. Justifying the $5,000 in costs it put on Blenwel's tab, the court noted that the carpark operator had sought leave to appeal after its application for such leave had already been rejected by a district court and the High Court, and that the tab covered the work done by the motorist's lawyers in preparing for the appeal. Judge of Appeal Andrew Phang, writing on the court's behalf, said Blenwel had already used up - unsuccessfully - two chances to apply for leave to appeal under the law, so lawyers needed to think seriously about 'adverse consequences' before advising their clients to take the route to the Appeals Court. Blenwel's failure in the two lower courts set it back by $1,600 in costs, in addition to some $30,000 in legal fees for court hearings spanning three years. What a Joke !!

Means testing likely to be implemented later part of this year: Health Minister By Wong Siew Ying, Channel NewsAsia | Posted: 19 January 2008 2036 hrs Photos 1 of 1 Mr Khaw Boon Wan SINGAPORE : Means testing will likely be implemented in the later part of this year, said Health Minister Khaw Boon Wan on Saturday. He also added that his Ministry does not rule out tweaking MediShield coverage. Mr Khaw was speaking to reporters on the sidelines of a community event at the Biopolis. Led by the Health Minister, some 600 residents of the Sembawang GRC learned more about life sciences. But there is another area Mr Khaw hopes the public can better understand - means testing. So over the next 8 weeks, there will be more dialogue sessions with Singaporeans on the subject. Mr Khaw was also asked if his Ministry will consider reviewing the MediShield coverage to those beyond 85 years old and making it compulsory. Mr Khaw said: "We will continue to raise it especially when Singaporeans live longer. But at the moment, the number of people more than 85, who are affected by MediShield is still small, but nevertheless it's an issue. We want as many if not 100 percent of Singaporeans to be insured, but in practice I think so far so good through the opting out system." The MediShield medical insurance scheme currently covers more than 90 per cent of workers. - CNA/ch

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