Singapore Inflation Eases To 0.8%, Lowest Since February 2021

(RTTNews) - Singapore consumer price inflation eased slightly in May to the lowest level in more than four years amid lower food and private transport costs, official data showed Monday.

Consumer prices rose 0.8 percent annually in May, after a stable increase of 0.9 percent in April, the Monetary Authority of Singapore reported. That was in line with expectations.

Further, this was the weakest inflation since February 2021, when prices had risen 0.7 percent.

On a monthly basis, consumer prices climbed 0.7 percent in May.

Similarly, MAS core inflation softened to 0.6 percent from 0.7 percent in April, linked to lower food inflation.

Food inflation eased to 1.1 percent in May from 1.4 percent in the previous month as the prices of non-cooked food rose at a slower pace.

Inflation based on private transport also decreased somewhat to 1.1 percent from 1.3 percent.

Data showed that electricity and gas prices continued to decline by 3.7 percent on the back of a larger decline in electricity costs. Meanwhile, services inflation held steady at 1.1 percent.

The central bank forecasts both MAS core inflation and overall inflation to average 0.5-1.5 percent in 2025. The bank observed that the uncertainties to inflation have risen amid the increased risks in the external environment.