Singapore: Consumer prices post biggest drop since 2016 in May
Consumer prices increased 0.47% in May over the last month, swinging from April’s 0.92% drop. May’s result was the sharpest increase in prices since August 2019. The rise was driven chiefly by a sharp increase in the prices of housing and utilities.
Consumer prices dropped 0.8% on an annual basis in May, edging down from April’s 0.7% fall. May’s figure marked the largest fall in consumer prices since May 2016. Annual average inflation fell to 0.2% in May (April: 0.4%). Lastly, core consumer prices fell 0.2% on an annual basis in May, which was a more moderate drop than April’s 0.3% decrease.