SINGAPORE — Singapore’s core inflation eased to 4.7 per cent year-on-year in May, official data showed on Friday (June 23).
Core inflation had risen to 5.5 per cent in February and January this year, a 14-year high, before falling to 5 per cent in March and April.
Overall inflation fell to 5.1 per cent on a year-on-year basis in May, down from 5.7 per cent in the previous month. This largely reflected a fall in private transport inflation, in addition to lower core inflation.Private transport inflation fell to 7.2 per cent in May from 10.4 per cent as car prices rose at a slower pace and the cost of petrol saw a sharper fall.Services inflation fell from 4.3 per cent in April to 3.
Meanwhile, electricity and gas inflation rose to 3.3 per cent from 2.7 per cent due to a larger increase in electricity costs. At the same time, the increase in COE quota and supply of housing units available for rental, private transport and accommodation inflation is expected to moderate over the course of the year.
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