Singapore Inflation May 2017


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.

The MAS expects average inflation to be between 0.5% and 1.5% in 2017. FocusEconomics Consensus Forecast panelists expect inflation of 0.8% in 2017, which is unchanged from last month’s estimate. For 2018, the panel sees average inflation at 1.2%.

Author: Massimo Bassetti, Economist

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Singapore Inflation Chart

Singapore Inflation May 2017

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

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