According to the SKBI-MasterCard Singapore Index of Inflation Expectations (SInDEx) survey by SMU and MasterCard, Singapore consumers are expecting inflation to ease in the next one to five years. The survey attributed this to a moderation in imported inflation owing to subdued demand and weak growth in regional economies such as China and India. Meanwhile, core inflation expectations (excluding accommodation and private transportation) also moderated to 4.03 per cent in September from 4.05 per cent in June, according to the poll. SMU Assistant Professor of Finance (Education) and SKBI Programme Director Aurobindo Ghosh said: "CPI-All Inflation came down from the first quarter of 2013 owing to a slew of macro-prudential factors like property cooling measures and restrictions in car loans, and an emphasis on deleveraging of household debt and disbursement of HDB's S&CC (Service & Conservancy Charges) rebates. The combined effect of all these measures was mostly not anticipated a year ahead. Academic literature has also shown that inflation expectations are quite persistent, or ‘sticky’, and is often slow to react downwards."