1.3% In May – Singapore’s Core Inflation Sits Steady

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In May, Singapore’s rate of core inflation stood still at 1.3%, just like the previous month. According to the Ministry of Trade and Industry (MIT), and the Monetary Authority of Singapore (MAS), this was the result of the inflation of food and retails which offset a sharp drop in the cost of gas and electricity.

Consumer price index-all products went up to 0.9 in May from 0.8 in April. Apparently, this was triggered by a decline in the costs of accommodation and inflation of retail, private road transport and food costs, which offset a huge fall in gas and electricity costs.

Accommodation costs went down slowly at 1% year-on-year in May, indicating a significant pickup in housing repairs and maintenance costs, and a slower drop in housing rentals.

The cost of road transport went up by 1.5% year-on-year, especially due to the increase in car prices which counterbalanced the little increase in petrol costs.

Unlike the 2.8% drop in April, the cost of gas and electricity dropped 4% year-on-year in May.

The stand of service inflation was fixed as it remained at 2% just like the previous month. The rise in holiday expenditures was annulled by a huge decline in telecommunication services fee, among other increases in cultural, recreational, and airfares.

The general price of retail products went up by 0.5% than the 0.2% increase experienced in April. It’s envisaged that core inflation will approach the mid-point of 1 or 2%, which is the forecast range in 2019. It’s also expected that CPI-All Items inflation will fall between 0.5 to 1.5%.

MTI and MAS hope that the costs of private road transport will move up a bit while the costs of accommodation drop at a somewhat slow pace.

You can take a look at Balance Units Charts.

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