Fri, 22 Sep 2023

SINGAPORE, June 23 (Xinhua) -- The Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) said on Thursday that the MAS core inflation on a year-on-year basis rose to 3.6 percent in May from 3.3 percent in the previous month.

Meanwhile, the CPI-All Items inflation reached 5.6 percent year-on-year in May from 5.4 percent in April.

Singapore's MAS core inflation excludes the costs of accommodation and private transport, and CPI-All Items inflation represents the rise in the consumer price index (CPI) for all items.

According to MTI and MAS, the increase in core inflation in May reflected stronger inflation across the broad categories of food, services, retail and other goods, as well as electricity and gas. The CPI-All Items inflation picked up due to the rise in core inflation, as well as higher accommodation and private transport inflation.

The food inflation came in higher at 4.5 percent in May as the price of food services rose more strongly. Meanwhile, the services inflation increased slightly from 2.5 percent in April to 2.6 percent in May due to a faster pace of increase in the costs of holiday expenses and point-to-point transport services.

The electricity and gas prices rose more steeply by 19.9 percent in May as the average prices of electricity plans offered by Open Electricity Market retailers rose at a faster pace. The private transport inflation grew to 18.5 percent in May as petrol costs picked up more strongly amid higher global oil prices.

The two authorities reiterated that for the year 2022 as a whole, the CPI-All Items inflation is forecast to come in between 4.5 percent and 5.5 percent, while MAS core inflation is projected to average 2.5-3.5 percent.

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