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Financial News: Singapore Inflation Rises Unexpectedly In May

Singapore Inflation Rises Unexpectedly In May

06/24/2019 - 03:55:00 (RTTNews)

(RTTNews) - Singapore's consumer price inflation accelerated unexpectedly in May on accommodation and private road transport costs, data from the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Monday.

The consumer price index rose 0.9 percent year-on-year in May, while economists expected the rate to slow to 0.6 percent from April's 0.8 percent.

Accommodation costs fell at a more moderate pace of 1 percent compared to the 1.4 percent drop in the previous month. Cost of private road transport gained 1.5 percent annually.

Cost of education surged 2.6 percent and that of recreation and culture grew 2.3 percent. Meanwhile, prices for communication and clothing and footwear fell by 1.1 percent and 0.9 percent, respectively.

On month, consumer prices rose 0.7 percent in May, reversing a 0.3 percent drop in April.

MAS core inflation held steady at 1.3 percent in May, as higher retail and food inflation broadly offset a steeper decline in the cost of electricity and gas, data showed.

Month-on-month, MAS core CPI remained flat after rising 0.1 percent in April.

Overall inflation is expected to average 0.5-1.5 percent in 2019. Meanwhile, MAS core inflation is expected to come in near the mid-point of the forecast range of 1-2 percent in 2019.

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