Singapore: Inflation picks up in May
Consumer prices increased 0.6% over the previous month in May, contrasting April’s 0.5% drop. According to data released by Statistics Singapore, the rise in prices was primarily driven by higher prices for food, recreation and culture and education.
In May, inflation rose to 0.4% from 0.1% in April, in line with market expectations. Annual average inflation dipped from 0.5% to 0.4%.
Finally, the Monetary Authority of Singapore’s (MAS) core inflation measure, which omits the costs of accommodation and private road transport, rose from 1.3% in April to 1.5% in May. The uptick came on faster inflation in virtually all sub-sectors of the index.