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%.

Follow the link for more news on

Singapore inflation

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia