According to a survey of 400 respondents conducted online in December 2013 by the Sim Kee Boon Institute for Financial Economics at SMU (SKBI) and sponsored by MasterCard, Singapore consumers expect inflation to trend downwards. The SKBI-MasterCard Singapore Index of Inflation Expectations (SInDEx) report attributed the decline to property loan curbs, macro-prudential policies as well as weaker imported inflation from ASEAN countries. Consumer expectations of headline inflation over the next one year fell to 3.72 per cent, the lowest expected level since the survey's launch in September 2011, and down from 3.85 per cent recorded in September 2013. Consumers' expectations for core inflation, which excludes accommodation and private transportation, moderated from 3.88 per cent in September to 3.7 per cent in the December survey. This is also higher than the Monetary Authority of Singapore projections which expect both headline and core inflation to be in the 2 per cent and 3 per cent range for 2014.