Summary

• MAS Core Inflation increased to 0.8% on a year‐on‐year (y‐o‐y) basis in May, from 0.6% in April.
  • This was mainly driven by higher services inflation and a smaller decline in the cost of retail & other goods.
• CPI‐All Items inflation rose to 2.4% y‐o‐y in May, from 2.1% in April.
  • This was on account of higher private transport and accommodation inflation, as well as the increase in core inflation.
• The increase in core and headline y‐o‐y inflation was partly due to the low base in May last year when the Circuit Breaker measures were in place.
  • On a month‐on‐month basis, core CPI rose by 0.1% in May, while CPI‐All Items increased by 0.8% on the back of a sequential increase in accommodation costs.

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