SINGAPORE: Consumer prices in Singapore dipped 0.4 per cent year-on-year in May, moderating from a 0.5 per cent decline in April, on account of the higher cost of private road transport, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) said on Tuesday.
Economists polled by Reuters had expected headline inflation, or the CPI All-Items inflation, to match April’s 0.5 per cent fall, which was the biggest drop since late 2009.
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May’s data showed that private road transport cost rose by 1.0 per cent, after falling by 2.1 per cent in April, due to higher Certificate of Entitlement (COE) premiums and a smaller correction in petrol pump prices compared to a year ago.
Accommodation cost fell by 2.5 per cent in May, similar to the previous month, reflecting the soft housing rental market.
