Singapore Core Inflation Steady at 3.1% in May

Singapores annual core inflation remained at 3.1% in May, unchanged from April and March, as an increase in the cost of services was offset by lower prices of energy and goods. Official data released today by the Monetary Authority of Singapore (central bank) and the Ministry of Trade and Industry, showed that core inflation, which excludes private transport and accommodation costs, remained at 3.1% year on year in May. Overall or headline inflation in May rose to 3.1% year on year from 2.7% in April, led by a jump in prices of vehicles and petrol. On a month-on-month basis, which represents how much momentum there still is in prices, core inflation edged up 0.1% in May, while headline inflation went up by 0.7%. Authorities in Singapore maintained their estimates for both core and overall inflation in 2024 at 2.5% to 3.5%. Source: Qatar News Agency