Singapore: Inflation inches up in May
June 25, 2013
In May, consumer prices rose 0.4% over the previous month, which contrasted the 1.5% decline observed in April. According to Statistics Singapore, prices increased the most in housing as well as in food.
As a result of the monthly reading, annual inflation inched up from 1.5% in April to 1.6% in May, which was slightly below market expectations that had inflation remaining at 1.5%.
Meanwhile, the Monetary Authority of Singapore's annual core inflation measure, which excludes the costs of accommodation and private road transport, edged up from 1.4% in April to 1.7% in May.
The MAS expects average inflation to range between 3.0% and 4.0% in 2013. FocusEconomics Consensus Forecast panellists expect inflation to average 3.2% in 2013, which is down 0.2 percentage points from last month's estimate. For 2014, the panel sees average inflation at 3.2%.