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.
Author: Eric Denis , Economist