Singapore Inflation May 2021

Singapore

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%.

FocusEconomics Consensus Forecast panelists expect inflation to average 1.3% in 2021, which is up 0.1 percentage points from the previous month’s forecast. In 2022, our panel expects average inflation of 1.3%.


Author:, Economist

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Singapore Inflation Chart


Singapore Inflation May 2021

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


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