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Thursday, 23 June 2011

Singapore's May CPI up 4.5% on-year

SINGAPORE: Singapore's consumer price index (CPI) increased by 4.5 per cent on-year in May, on account of higher costs of housing, transport and food - the same figure that was recorded in April.

According to data released Thursday by the Department of Statistics, excluding accommodation costs, the consumer price index rose by 3.3 per cent.

Analysts had expected a moderation in May's inflation to 4.1 per cent, as monetary tightening helped tame inflationary pressures and global commodity prices fell.

But this was not the case as the cost of transport rose 7.5 per cent in May, as a result of higher prices for cars and petrol.

Housing cost rose by 8.1 per cent, as a result of higher accommodation costs and electricity tariffs.

Food prices rose 2.8 per cent, largely due to more expensive prepared meals and ingredients.

The consumer price index in May went up by 0.6 per cent over April this year.

The higher cost of housing was partly offset by the lower costs of transport, "recreation & others" as well as clothing & footwear.

Housing cost increased largely due to higher service & conservancy charges as rebates for service & conservancy charges were given in April but not in May.

The MAS core inflation measure, which excludes the costs of accommodation and private road transport, rose 2.1 per cent on-year.

On-month, the MAS core inflation measure declined by a marginal 0.1 per cent.

- CNA/cc

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