1.3% In May – Singapore’s Core Inflation Stands Still

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1.3% has seemed to be a stagnant figure for Singapore’s core inflation as it stood still compared to the previous month. The retail and food inflation counterbalances the drop in the cost of gas and electricity. This was revealed by the Monetary Authority of Singapore (MAS), and the Ministry of Trade and Industry (MTI).

With a year-on-year increase in May up to 0.9% from 0.8% the previous month, MAS and MTI attribute it to the decline in cost of accommodations, transport, food, and retail inflation. This outweighed the significant reduction in gas and electricity costs.

With a better pace, accommodation costs reduced 1% year-on-year in May, and this shows a slower decline pace in housing rentals and an inclination in the price of house maintenance and repairs. Get to know more about housing loan information.

The cost of private road transport went up 1.5% year-on-year owing to the steeper increase in automobile prices which cancels the little rise in petrol prices.

The cost of gas and electricity dropped 4% year-on-year in May. This is higher than the 2.8% drop experienced in April.

Service inflation appeared unchanged from the immediate past two months as the decline in telecommunication services fees and recreational, airfares and cultural service fees offsets the increase in holiday expenses.

Unlike the 0.2% hike in April, the cost of retail items went up by 0.5%. MAS and MTI look forward to seeing the core inflation come around the center of the forecast range which is between 1% to 2% in 2019, while they envisage about 0.5% to 1.5% rise in CPI-All Items. They hope the costs of private road transport picks up while the costs of accommodation go down slowly.

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