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Singapore May core inflation rises 4.7% y/y, matches forecast

Published 06/23/2023, 01:09 AM
Updated 06/23/2023, 01:10 AM
© Reuters. FILE PHOTO: Visitors walk along rows of shops in Chinatown in Singapore January 27, 2023. REUTERS/Caroline Chia/File photo

SINGAPORE (Reuters) - Singapore's key consumer price gauge rose 4.7% year-on-year in May, official data showed on Friday.

The May core inflation rate - which excludes private road transport and accommodation costs - eased from the 5% seen in April and matched a Reuters poll of economists.

© Reuters. FILE PHOTO: Visitors walk along rows of shops in Chinatown in Singapore January 27, 2023. REUTERS/Caroline Chia/File photo

Headline inflation was up 5.1% year-on-year in May, compared with a forecast 5.5% increase in a Reuters poll.

The slower growth in core inflation was due to a decline in inflation for services and food, according to a joint statement by the Monetary Authority of Singapore (MAS) and the trade ministry.

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