Singapore: Inflation falls to lowest level since February 2022 in May
Inflation came in at 5.1% in May, which was down from April’s 5.7%. May’s reading marked the weakest inflation rate since February 2022. The reading was driven by slower price pressures for transport, food and housing. These three categories also represent the biggest components of Singapore’s CPI basket.
The trend was unchanged, with annual average inflation coming in at April’s 6.5% in May. Meanwhile, core inflation fell to 4.7% in May from the previous month’s 5.0%.
Finally, consumer prices increased 0.32% in May over the previous month, accelerating from the 0.08% increase recorded in April.