SINGAPORE - Singapore said on Thursday that an upward revision in its forecast for the consumer price index in 2010 was due to a pending increase in property tax rather than any broader increase in underlying inflation.

Singapore revised its inflation forecast for 2010 to a range of 2.5 per cent to 3.5 per cent, from an earlier projection of 1 to 2 per cent, citing an increase in the property tax that will take effect next year.

'There has not been any significant change in our assessment of underlying cost and price pressures in the economy from the time of the monetary policy statement release in October,' Monetary Authority of Singapore Deputy Managing Director Ong Chong Tee said at a briefing.