Singapore Inflation Rate Accelerates Further In May

Singapore’s annual inflation rate picked up to 2.7 percent in May of 2014 from 2.5 percent in April due to base effect associated with the fluctuations in COE (certificate of entitlement) premiums. Price increases for all other major categories moderated slightly during the month.

Private road transport cost climbed by 8.1% in May, stronger than the 5.7% rise in the preceding month, mainly on account of the low base in May 2013. Petrol pump prices also edged up at a faster pace than in April.

Accommodation cost rose by 0.9% compared to 1.1% in April, due to a slower pace of increase in imputed rentals on owner-occupied accommodation (OOA).

Services inflation edged down to 2.5% from 2.7% in April, as holiday travel cost and health insurance premiums rose more moderately. Food inflation came in slightly lower at 3.0% in May compared to 3.1% in the previous month, reflecting a smaller increase in non-cooked food prices.  

MAS Core Inflation, which excludes the cost of accommodation and private road transport, fell to 2.2% from 2.3% a month ago, due to lower contributions from services and food items. 

On a month-on-month basis, the CPI rose 0.5 percent in May after a 0.2 fall in April.

Singapore Inflation Rate Accelerates Further In May

Ministry of Trade and Industry l Rida l
6/23/2014 11:48:51 AM