Buildings in Singapore's central business district (source: channelnewsasia.com)

Singapore – Singapore’s consumer prices declined in May due to a fall in food and retail inflation, according to reports released by the country’s Monetary Authority (MAS) and the Ministry of Trade and Industry (MTI) on June 23.

Notably, core inflation in May dropped to 4.7 per cent, the first time they fell below the 5 per cent mark since July 2022, and lower than the 5 per cent recorded in April.

Meanwhile, the headline consumer price index (CPI) in May picked up by 5.1% year-on-year, down from the 5.7 per cent increase recorded a month earlier, which has largely reflected a decline in private transport prices and core inflation.