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

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.

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.

(Reporting by Chen Lin; Editing by Kanupriya Kapoor)