S'pore inflation inches up to 1.6% y-o-y in May as car prices fall

S'pore inflation inches up to 1.6% y-o-y in May as car prices fall

Inflation in Singapore picked up marginally to 1.6 per cent in May after sinking to a three-year low in April, when the consumer price index rose 1.5 per cent year-on-year.


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Here is the press release from the Monetary Authority of Singapore:

CPI-All Items inflation rose slightly to 1.6 per cent in May from 1.5 per cent in April. While car prices declined, it was more than offset by higher contributions from all other major categories.

Services inflation picked up to 2.5 per cent in May from 2.2 per cent in April, on account of costlier medical treatment and medical insurance as well as a smaller fall in holiday travel cost.

Food prices were up by 2.0 per cent in May, slightly stronger than the 1.8 per cent rise in the preceding month, reflecting steeper price increases for both non-cooked food and prepared meals.

Prices of oil-related items fell by a more modest 4.4 per cent in May compared with the 5.2 per cent decline in April, led by a smaller reduction in petrol pump prices.

Accommodation costs climbed by 5.1 per cent in May, up from 2.4 per cent in April, as the impact of the disbursement of HDB Service & Conservancy Charges (S&CC) rebates in April dissipated. Imputed rentals on owner-occupied accommodation continued to increase, contributing 0.9 per cent point to overall inflation in May.

Private road transport cost fell by 3.7 per cent in May, the first decline since 2009, reversing the 0.5 per cent rise in April. The fall was due to lower COE premiums in April and price adjustments by car dealers following the implementation of the motor vehicle-related policy measures.

CPI less imputed rentals on owner-occupied accommodation (CPI-ex OOA) rose at a slightly faster pace of 0.8 per cent.

Inflation as measured by CPI less imputed rentals on OOA (CPI-ex OOA) edged up to 0.8 per cent in May from 0.6 per cent a month earlier, given the dissipation of the impact of S&CC rebates and higher contributions from costs of services, food and oil-related items.

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