, Singapore

Inflation picks up in May at 5.6%

It accelerated due to higher private transport, food, and services inflation.

The rate of price increase sped up to 5.6% in May. Last month inflation was at 5.4%.

The further acceleration of the headline or consumer price index (CPI)-all items inflation was on the back of higher accommodation (4.0% from 3.9%), private transport (18.5 from 18.3%) inflation, and a rise in core inflation (3.6% from 3.3%), according to the Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS).

MAS and MTI said accommodation edged up on the back of a larger increase in housing rents, whilst private transport rose amidst higher petrol costs.

Meanwhile, inflation for other expenditure divisions namely food, services, and retail and other goods also picked up in May to 4.5%, 2.6%, and 1.8%, respectively.

Looking ahead, MAS said prices of commodities such as food will remain high due to supply-demand mismatches and disruption in global transportation and regional supply chain.

Crude oil will likewise remain elevated amidst higher geopolitical risks and tight supply conditions.

For the whole year, headline inflation is forecast to come in between 4.5–5.5%.

READ MORE: Consumers expect inflation to continue for another full year

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


ION Orchard marks 15 years as a premier retail destination
The mall is proactive in conducting surveys to identify trends and optimise its tenant mix.
ION Orchard leads charge in sustainable takeaway practices
 Shoppers will enjoy discounts when they opt for a reusable mug or food container from Muuse.