Singapore: Consumer prices hit all-time low in May
June 23, 2016
In May, consumer prices decreased 0.7% compared to the previous month following the 0.1% drop tallied in April. According to Statistics Singapore, the reading mainly reflected a fall in prices of clothing and footwear as well as in housing and utilities.
Consumer prices fell 1.6% annually in May, which was a more pronounced drop than April’s 0.5% decline and marked the lowest reading on record. The reading undershot market expectations of a less pronounced 0.8% decrease. The annual average variation in consumer prices was minus 0.7%, which was down from April’s minus 0.6% and was also a historical low.
The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, edged up from 0.8% in April to 1.0% in May.