SINGAPORE, June 23 (Xinhua) -- The Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) said on Wednesday that the MAS core inflation grew to 0.8 percent on a year-on-year basis this May, from 0.6 percent in the previous month.
This was mainly driven by higher services inflation and a smaller decline in the retail and other goods costs.
Meanwhile, Singapore's CPI-All Items inflation rose to 2.4 percent on a year-on-year basis in May from 2.1 percent in April. The increase was due to higher private transport and accommodation inflation, as well as the increase in core inflation.
Singapore's MAS core inflation excludes the costs of accommodation and private road transport, and CPI-All Items inflation represents the rise in the consumer price index for all items.
In May, Singapore's electricity and gas prices declined 1.9 percent, compared to the 2.4 percent decrease in the previous month. The costs of retail and other goods declined 0.8 percent, compared to the 1.1 percent decrease in April. The private transport costs rose 14.5 percent in May, following the 12.9 percent increase in April. The accommodation inflation edged up to 0.9 percent in May from 0.7 percent as housing rents rose at a faster pace.
MTI and MAS reiterated that the MAS core inflation is expected to average 0-1 percent in 2021, while the forecast range for CPI-All Items inflation is 0.5-1.5 percent. Enditem
