Singapore Inflation


Singapore: Decrease in annual consumer prices moderates in May

June 23, 2015

In May, consumer prices increased 0.5% over the previous month, contrasting the 0.6% decrease tallied in April. The reading marked the sharpest increase since August 2014. According to Statistics Singapore, May’s increase was driven by a steeper increase in prices of accommodation and transportation.

Consumer prices fell 0.4% annually in May, which followed April’s 0.5% drop. The reading was in line with market expectations. As a result of May’s decrease, annual average inflation inched down from April’s 0.5% to 0.2%, which marked an over-five-year low.

The Monetary Authority of Singapore’s (MAS) annual core inflation measure, which excludes the cost of accommodation and private road transport, decreased from 0.4% in April to 0.1% in May.

The MAS expects average inflation to be between minus 0.5% and plus 0.5% in 2015. FocusEconomics Consensus Forecast panelists expect inflation to average 0.1% in 2015, which is unchanged from last month’s estimate. For 2016, the panel sees average inflation at 1.5%.

Author:, Economist

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Singapore Inflation Chart

Singapore Inflation May 2015

Note: Annual and monthly variation of consumer price index in %.
Source: Statistics Singapore (Singstat).

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