According to the latest poll conducted by the Sim Kee Boon Institute for Financial Economics at SMU (SKBI), Singapore consumers expect inflation to trend downwards. The survey of 400 respondents was conducted online in December 2013. 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. Consumers' expectations for core inflation, which excludes accommodation and private transportation, also moderated from 3.88 per cent in September to 3.7 per cent in the December survey. Both estimates from the survey are higher than government projections. The Monetary Authority of Singapore expects both headline and core inflation to be in the 2 per cent and 3 per cent range for 2014.