Singapore: Inflation comes in at highest level since November 2013 in May
June 23, 2021
Consumer prices increased 0.80% in May over the previous month, swinging from April's 0.17% drop. May's uptick marked the sharpest increase in prices since August 2013 and was primarily driven by a sharp rebound in housing prices.
Inflation edged up to 2.4% in May, following April’s 2.1%. May's reading was the highest inflation rate since November 2013 and was in part aided by a healthy base effect on the back of May 2020’s sharp decline in prices. Annual average inflation rose to 0.4% in May (April: 0.1%), while core inflation rose to 0.8% in May, from the previous month's 0.6%.
Author: Stephen Vogado, Economist