Summary

• MAS Core Inflation came in at ‐0.2% on a year‐on‐year (y‐o‐y) basis in May, compared to ‐0.3% in April.
  • This was largely due to smaller declines in the costs of services and electricity, as well as higher food inflation.
• Meanwhile, CPI‐All Items inflation fell to ‐0.8% y‐o‐y in May, from ‐0.7% in the previous month.
  • This was mainly driven by a larger decline in private transport costs.

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