The Singapore Index of Inflation Expectations (SInDEx) developed by the Sim Kee Boon Institute for Financial Economics at SMU (SKBI) and MasterCard indicated that the public expects inflation of 3.92 per cent for the year ahead, down from 3.99 per cent in June. This downward trend is partly due to tepid growth in emerging economies, such as China and India, and to moderating imported inflation. Although the general public expects inflation to decrease, their expectations for inflation are still higher than that forecast by the government. SMU Assistant Professor of Finance (Education) and SKBI Programme Director Aurobindo Ghosh noted that headline inflation has come down from the first quarter of 2013 as a result of a slew of government measures to cool the property market and curb car loans, as well as the deleveraging of household debt – the combined effect of which was not expected a year ago.