Rent, food costs push CPI inflation to 4.3%

This is despite cooling of property market.

According to the Asian Development Bank, consumer price index inflation increased to 4.3% year on year in 2013 from 4.1% in 2012 as costs rose for rent and food, which together accounted for 79% of the index rise.

Despite the sharp cooling of the property market, residential rents increased by 6.7%, albeit stabilizing in the fourth quarter.

Here’s more from ADB:

The number of new rental leases edged down in line with cooling in the property market, which will take time to feed through to other rental indicators.

Food prices rose by 4.4%, but prices for durable goods declined on weak import prices.

Headline inflation was calculated with no corrections for one-off relief measures such as tax concessions, an electricity subsidy, and 2 months’ free rent for public housing tenants.