23-6-2023 (SINGAPORE) Singapore experienced a decrease in consumer prices in May, primarily influenced by declines in food, retail, and private transportation inflation, as stated in a report jointly published by the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) on Friday.
The MAS core inflation, which excludes the costs of accommodation and private road transport, eased to 4.7 percent on a year-on-year basis in May, down from 5.0 percent in April. This decline was mainly driven by a decrease in inflation for services and food.
Meanwhile, the Consumer Price Index (CPI) for all items showed a year-on-year inflation rate of 5.1 percent in May, compared to 5.7 percent in April. This decrease can be largely attributed to a fall in private transport inflation, along with lower core inflation.
