Singapore inflation accelerates to 3.1% in May

Annual consumer inflation in Singapore has picked up to 3.1% in May from 2.7% in April, data by Statistics Singapore showed.

The actual figure exceeded market consensus of 3%.

Last month, inflation accelerated for transport (2.9% YoY versus 0.9% YoY in April) and recreation & culture (5% YoY versus 4.5% YoY in April).

Food prices rose 2.8% YoY, or the same as in April, cost of education went up 3.3% YoY, again at the same rate as in April, while cost of healthcare surged 4.8% YoY, in line with the April rate.

In May, inflation slowed for housing & utilities (3.8% YoY versus 4% YoY in April), communication (0.4% YoY versus 0.9% YoY in April) and miscellaneous goods & services (1.6% YoY versus 2% YoY in April).

Meanwhile, annual core CPI inflation remained steady at 3.1% in May, while matching the rate in the preceding two months.

The Singapore Dollar was little changed against its US counterpart on Monday, with the USD/SGD currency pair last trading at 1.3532.