Singapore’s core inflation rate appeared to have been at a spot in May, just like it happened in the previous month. It stood at 1.3% as increased retail and food inflation counterbalanced a sharp drop in gas costs and electricity. This was revealed by the Ministry of Trade and Industry (MTI), and Monetary Authority of Singapore (MAS).
However, CPI-all items experienced inflation up to 0.9 year-on-year, from 0.8% in April.
The steady core inflation rate could be attributed to the modest reduction in the costs of accommodations, food and retail inflation, and increased private road transport, which overshadowed the significant fall in gas and electricity.
Going down by 1% year-on-year in May, the cost of accommodation dropped, showing the strength of pickup in the costs of housing repairs and maintenance, as well as the decline in housing rentals.
Private road transport escalated by 1.5% year-on-year as a result of the hike in prices of automobile which offset a little rise in petrol prices.
The cost of gas and electricity went down by 4% year-on-year in May, higher than the 2.8% drop in April.
Service inflation remained still at 2% due to the pickup in holiday expenditures offset by a sharp decline in telecommunication service fees, and the minor increases in recreational, cultural and airfares fees.
The significant cost of retail of products went up by 0.5%, more than 0.2% increase in April.
MAS and MTI foresee that core inflation will hit closer to the forecast range of 1 to 2% in 2019. CPI-All items inflation has been forecasted to average 0.5 to 1.5%.
The cost of private road transport is expected to pick up somewhat this year, while accommodation costs go down slowly.
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