Singapore’s consumer price inflation increased more-than-expected in May to the highest level in three months amid higher private transport charges, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed.
The consumer price index, or CPI, climbed 3.1 percent year-over-year in May, faster than the 2.7 percent stable increase in the previous month. Economists had expected inflation to rise to 3.0 percent.
Data showed that MAS core inflation remained stable at 3.1 percent in May.
Month-on-month, core consumer prices edged up 0.1 percent in May. The total CPI rose 0.7 versus a 0.1 percent gain in the prior month.
Among the main categories, private transport inflation accelerated to 2.8 percent from 0.3 percent as the prices of cars and motorcycles rose and petrol prices increased at a faster pace.
Costs for services grew at a slightly faster rate of 3.6 percent in May after a 3.5 percent increase in April. The upward trend was attributed to a larger increase in holiday expenses and a smaller decline in airfares.
Source: RTT News
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