Singapore headline inflation rises to 1.4% in May, core inflation down to 1.6%

Customers at the fruits section at a FairPrice Xtra supermarket.
Customers at the fruits section at a FairPrice Xtra supermarket. PHOTO: ST FILE

SINGAPORE - Singapore's headline inflation rose to 1.4 per cent year on year in May, while core inflation edged down 1.6 per cent over the same period.

Headline inflation was up from 0.4 per cent in April, mainly on account of the rise in the cost of housing maintenance and repairs on a year-ago basis, due to base effects associated with the disbursement of the Service & Conservancy Charges (S&CC) rebates.

Core inflation was down from 1.7 per cent in April over the same period due to lower services inflation, according to official figures released on Friday (June 23).

The cost of electricity and gas rose by a faster 19.1 per cent in May compared to the 18.7 per cent increase in the preceding month, due to a larger increase in gas tariffs on the back of the recovery in global oil prices over the past several months.

Overall food inflation picked up to 1.5 per cent in May from 1.3 per cent a month earlier, driven by a larger increase in the prices of non-cooked food items. Meanwhile, the prices of prepared meals rose at a similar pace in both months.

 

Private road transport inflation eased to 6.1 per cent in May from 7 per cent in the previous month, on account of the more moderate increases in car and petrol prices.

Services inflation fell to 1.4 per cent in May from 1.7 per cent in the month before, reflecting a decline in holiday expenses and air fares.

Core inflation slipped due to the fall in services inflation, which more than offset the pickup in food as well as electricity and gas inflation, the release said.