In May, consumer prices rose 0.2% over the previous month, which came in below the 0.5% price increase observed in April. As in previous months, higher prices for transport, in particular private transport amid higher Certificate of Entitlement (COE) premiums for cars, contributed importantly to the monthly increase. In addition, prices for accommodation also rose in May. Owing to the relatively subdued monthly reading, annual inflation fell from 5.4% in April to 5.0% in May, which came in a notch below market expectations that had inflation at 5.1%. Annual average inflation, however, remained stable at 5.3%. The Monetary Authority of Singapore's (MAS) annual core inflation measure, which excludes the costs of accommodation and private road transport, remained unchanged over April at 2.7%. The MAS expects inflation to average between 3.5% and 4.5% this year.
Inflation moderates in May
June 25, 2012
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Singapore Inflation Chart
Note: Annual and monthly variation of consumer price index in %.
Source: Statistics Singapore (Singstat).
Singapore Economic News
October 17, 2016
In September, non-oil domestic exports (NODX) dropped 4.8% from the same month last year, deteriorating from August’s flat result.
October 14, 2016
According to advanced estimates released by the Ministry of Trade and Industry on 14 October, GDP declined a sharp 4.1% in Q3 from the previous quarter at a seasonally adjusted annualized rate (SAAR), down from Q2’s revised 0.2% rise (previously reported: +0.3% quarter-on-quarter).
October 14, 2016
At its second scheduled semi-annual meeting of 2016, which took place on 14 October, the Monetary Authority of Singapore (MAS) decided to leave the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band unchanged at zero percent.
October 3, 2016
The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) picked up from 49.8 in August to a 15-month high of 50.1 in September.
September 23, 2016
In August, consumer prices increased 0.5% compared to the previous month, contrasting the 0.3% decrease recorded in July.