Singapore Inflation May 2022


Singapore: Inflation accelerates in May

June 23, 2022

Consumer prices jumped 0.99% in May over the previous month, contrasting the 0.14% dip logged in April. May's increase came amid higher price pressures for housing and utilities and transport.

Inflation came in at 5.6% in May, up from April’s 5.4%. May's figure marked the highest inflation rate since November 2011. Meanwhile, the trend pointed up, with annual average inflation coming in at 3.8% in May (April: 3.5%). Lastly, core inflation rose to 3.6% in May, from April’s 3.3%.

Commenting on the release, Nicholas Mapa, senior economist at ING, stated:

“Elevated price pressures are likely to persist into Q3 and should keep MAS on notice for the rest of the year. MAS moved deliberately at the onset of the price spike, delivering several tightening measures highlighted by an aggressive adjustment in Q1. Energy and food prices could very well stay pricey given current indications as countries resort to protectionist policies at the expense of global supply. If prices stay elevated by mid-Q3, we are not counting out the possibility of additional tightening from MAS in October. “

FocusEconomics Consensus Forecast panelists expect inflation to average 3.4% in 2022, which is up 0.6 percentage points from the previous month’s forecast. In 2023, our panel expects average inflation of 2.1%.


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