Financial News: Singapore Inflation Remains Stable At 1.8%

Singapore Inflation Remains Stable At 1.8%

(RTTNews) - Singapore's consumer price inflation held steady for the second straight month in May, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Tuesday.

The consumer price index, or CPI, climbed 1.8 percent year-over-year in May, the same as in the previous two months. The expected increase was 2.0 percent.

The pickup in private transport and accommodation inflation, alongside higher food and retail and other goods inflation, was largely offset by lower services inflation.

MAS core inflation also held steady at 1.4 percent versus an expected rate of 1.6 percent.

Services inflation slowed to 1.3 percent in May from 1.5 percent amid a steeper decline in telecommunication services prices.

Meanwhile, the deflation in electricity and gas stayed unchanged at 3.0 percent, and retail and other goods inflation rose marginally to 1.6 percent from 1.5 percent. Food inflation climbed to 1.8 percent from 1.6 percent as the prices of non-cooked food and food services rose at a quicker pace.

Private transport charges grew at a faster pace of 8.6 percent versus 8.1 percent in April due to higher costs for cars and motorcycles.

Looking ahead, Singapore's import prices are expected to pick up as higher energy costs and supply chain constraints will affect production and transport costs for a wider range of Singapore's imported goods and services over time.

Core inflation and CPI-all-items inflation are currently projected to average 1.5-2.5 percent in 2026, the MAS said.

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