Economic Buzz: Singapore Inflation Soars Further In May

24 Jun 2022 , 11:48 AM

Singapore consumer price inflation and core inflation increased more than expected in May, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed. Consumer prices increased 5.6 percent year-on-year in May, following a 5.4 percent rise in April. The latest increase was due to the rise in core inflation, accommodation, and private transport costs. MAS core inflation rose to 3.6 percent in May from 3.3 percent in the previous month. The acceleration was largely driven by higher inflation for food, services, retail and other goods, and electricity and gas. For 2022 as a whole, overall inflation is forecast to come within 4.5-5.5 percent, while MAS core inflation is projected to average 2.5-3.5 percent.Powered by Commodity Insights