Singapore Consumer Prices Plunge in May

singapore Consumer PricesShoppers perusing through products on the shelves of Mustafa Centre's supermarket.

Singapore Consumer Prices Plunge in May

 

Singaporean consumer prices fell more than predicted in May, extending a record slump triggered by a fall in oil prices and housing costs.

According to Statistic Singapore, consumer price index, which measures inflation rate declined 1.6 percent year-on-year, following a drop of 0.5 percent in April. This is below 0.8 percent Bloomberg median estimate.

“Car prices and housing rentals will continue to dampen overall inflationary pressures,” the Monetary Authority of Singapore said in a separate statement. The headline inflation rate is forecast to remain negative for the rest of the year, it said.

Core inflation, excluding accommodation and transport costs rose 1 percent in May, lower than 1.1 percent predicted by economists.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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