Singapore: Inflation jumps in May
June 23, 2017
In May, consumer prices rose 0.3% over the previous month, contrasting April’s 0.3% drop. According to Statistics Singapore, the reading was mainly due to a change in the timing of the disbursement of service and conservancy charges rebates, which translated into higher prices for housing and maintenance.
Inflation came in at an almost three-year high of 1.4% in May, well above April’s 0.4% and matching market expectations. The annual average variation in consumer prices edged up from April’s minus 0.1% to 0.2% in May.
The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, recorded a 1.6% increase in May, marginally down from April’s 1.7%, which had marked the highest reading in two and a half years.