Singapore: Inflation accelerated to 22-month high in November
Singapore’s inflation rate rose to the highest level since January 2009, an acceleration that may put pressure on the central bank to allow further currency appreciation to curb price increases. The consumer price index climbed 3.8% in November from a year earlier, after gaining 3.5% in October, Singapore’s Department of Statistics said in a statement. That matched the median estimate of 14 economists surveyed by Bloomberg News. Prices rose 0.3% from October, without adjusting for seasonal factors. (Bloomberg)
India: Food inflation accelerates as onion costs jump
India’s food inflation accelerated to a six-week high, adding pressure on authorities to curb a jump in onion prices that has forced the nation to halt exports of the staple this week and toppled governments in the past. An index measuring wholesale prices of agricultural products including lentils, rice and vegetables compiled by the commerce ministry rose 12.13% in the week ended 11 Dec from a year earlier, a trade ministry report showed in New Delhi. The index gained 9.46% the previous week. (Bloomberg)
South Korea: Consumer confidence declines on jobs, growth outlook
South Korean consumer confidence declined in December as people became less optimistic about the economy and job prospects. The sentiment index fell to 109 from 110 in November, the Bank of Korea said. A number exceeding 100 indicates optimists outnumber pessimists. The central bank left borrowing costs at 2.5% this month after an appreciation in the nation’s currency contributed to a moderation in economic expansion. It increased interest rates by a quarter percentage-point each in July and November from a record-low 2%. GDP growth will cool to 4.5% next year, from 6.1% in 2010, the monetary authority said. (Bloomberg)
US: New home sales, prices rise in Nov
New US single-family home sales rose in November but to a lower-than-expected rate, a government report showed, highlighting the weakness in the housing market even as the broader economic recovery gains momentum. The Commerce Department said sales increased 5.5% to a seasonally adjusted 290,000 unit annual rate after a downwardly revised 275,000 unit pace in October. (Bloomberg)
US: Consumer spending increase, jobless claims dip
Americans increased spending in November for a fifth straight month and companies stepped up orders for equipment, more evidence the US economy is gaining momentum heading into 2011. Household purchases rose 0.4% after a 0.7% increase in October that was almost twice as large as previously estimated, figures from the Commerce Department showed. Rising incomes and stock prices are giving consumers the wherewithal to boost the purchases that account for 70% of the world’s largest economy. A drop in claims for jobless benefits indicates employers are slowing the pace of firings, a step toward cutting unemployment from close to a 26-year high. (Bloomberg)
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