Singapore: Inflation reaches highest rate in more than a year
June 23, 2014
In May, consumer prices rose 0.5% over the previous month, which contrasted the 0.2% fall recorded in April and marked the highest increase in six months. According to Statistics Singapore, May’s increase was mainly the result of higher prices for food and housing.
Annual inflation rose from 2.5% in April to 2.7% in May, which marked the highest rate since March 2013. The figure slightly overshot the 2.6% the market had expected. Annual average inflation inched up from 1.7% in April to 1.8% in May.
The Monetary Authority of Singapore’s (MAS) annual core inflation measure, which excludes the cost of accommodation and private road transport, fell from 2.3% in April to 2.2% in May.
Author: Dirina Mançellari, Senior Economist