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Singapore’s Core Inflation Appears Steady At 1.3%

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Singapore’s core inflation has experienced no change compared to the previous month as it stood still at 1.3%. The Ministry of Trade and Industry (MTI), and the Monetary Authority of Singapore (MAS) point that the steadiness is a result of the offset of retail inflation and higher food by a drop in the cost of gas and electricity.

The inflation of consumer price index items moved from 0.8% in April to 0.9% in May, year-on-year. This was triggered by an impressive reduction in the pricing of accommodation costs and food inflation, as well as higher retail and private road transport. These outweighed a significant fall in gas and electricity costs.

Due to the hike in automobile prices which counterbalances a little increase in petrol price, the cost of private road transport shot up by 1.5% year-on-year. On the other hand, the cost of gas and electricity dropped 4% year-on-year in May, better than a 2.8% drop that happened in April.

Service inflation remained unchanged compared to the previous month. The hike in holiday expenditures was offset by the reduced cost of telecommunication services and the non-significant rise in cultural, recreation and airfares.

Stepping up by 0.2% seen in April, the general cost of retail items increased by 0.5%. It’s expected that core inflation will hit around the forecast mid-point of about 1 to 2% in 2019 while there is an expected rise on all CPI-All items to 1.5% from 0.5%.

MTI and MAS also envisage that the cost of private road transport will pick up while the costs of accommodation may go down slowly.

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Source: https://www.propertyguru.com.sg/property-management-news/2019/6/180960/singapores-core-inflation-unchanged-at-1-3-in-may

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