SMU's Singapore Index of Inflation Expectations for inflation over the next one year stood at 3.74 per cent in June, down from 3.80 per cent in December last year. The reading was the lowest since the University began compiling the index in September 2011. The composite five-year-ahead Singapore Index of Inflation Expectations moderated to 4.51 per cent in June from 4.56 per cent in December 2013. The five-year reading was also the lowest since the series began. "Property prices in Singapore have reacted to curbs in debt servicing ratios, and a slight temporary increase in vehicle quotas has dampened car prices. We see this reflected in the moderation of overall inflation expectations," said SMU Assistant Professor of Finance and Programme Director of the Sim Kee Boon Institute for Financial Economics, Aurobindo Ghosh.