SINGAPORE, June 23 (Xinhua) -- Singapore's core inflation slowed to 0.6 percent year-on-year in May, down from 0.7 percent in April, according to official data released on Monday.
In a joint statement, the Ministry of Trade and Industry and the Monetary Authority of Singapore attributed the moderation primarily to a decline in food inflation.
On a month-on-month basis, the core Consumer Price Index (CPI) registered zero growth in May. The core CPI excludes private transport and accommodation costs to better capture underlying inflation driven by demand-side factors.
Meanwhile, overall inflation also dipped slightly, falling to 0.8 percent year-on-year in May from 0.9 percent in April. The easing was due to both lower private transport inflation and the slowdown in core inflation, the statement noted.
