By Amanda Lee
SINGAPORE-- Singapore's consumer prices rose in May, lifted by higher private transport costs.
The consumer price index in May rose 3.1% compared with the same period a year earlier, the Department of Statistics said Monday. That was a pick up from the 2.7% increase in April and matched the median estimate for a rise of 3.1% from a Wall Street Journal survey of five economists.
Core CPI, which strips out private road transport and accommodation costs, also rose 3.1% on year in May, the data showed. That compared with April's 3.1% expansion and the median estimate of a 3.0% increase predicted in the WSJ survey.
The rise in Singapore's headline inflation was due to higher private transport inflation, as prices of cars and motorcycles rose and petrol prices increased at a faster pace, the Monetary Authority of Singapore and the Ministry of Trade & Industry said in a joint statement.
Core inflation rose due to an increase in services inflation but was offset by lower electricity & gas, and retail & other goods inflation, the statement added.
Global prices of energy and most food commodities have remained relatively stable in recent months, it said.
"The costs of Singapore's imported intermediate and final manufactured goods have also continued on a broad decline," the statement added.
For 2024, both headline and core inflation are projected to average 2.5%-3.5%. Excluding the transitory effects of the 1 percentage point increase in the GST rate to 9%, headline and core inflation are expected to come in at 1.5%-2.5%, the statement said.
Sector Index Weighting % Change YoY Housing & Utilities 24.80% +3.8% Food 21.10% +2.8% Transport 17.07% +2.9% Recreation & Culture 7.89% +5.0% Education 6.63% +3.3% Misc Goods & Services 4.76% +1.6% Communication 4.11% +0.4%
Write to Amanda Lee at amanda.lee@wsj.com
(END) Dow Jones Newswires
06-24-24 0115ET
