Singapore’s Inflation Rises In May

Singapore’s consumer prices rose in May, data from the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Wednesday.

The consumer price index rose 2.4 percent year-on-year in May, following a 2.1 percent increase in April. Economists had expected a 2.0 percent rise.

This latest consumer prices outcome was largely due to a rise in core inflation, prices for private transportation and accommodation cost.

MAS core CPI, which excludes costs of accommodation and private road transport, grew 0.8 percent annually in May, following a 0.6 percent increase in the preceding month.

The statistical office expects external inflation to rise in the coming quarters, amid a recovery in global oil prices and turnaround in producer price inflation in major economies.

Domestic cost pressures are expected to stay higher, while wage growth and commercial rent are expected to stay low.

For 2021, MAS Core Inflation is expected to average 0-1 percent, while the CPI-All Items inflation is expected to come between 0.5-1.5 percent.

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