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Singapore May consumer prices seen falling for 7th straight month

[SINGAPORE] Singapore's consumer price index in May probably fell from a year earlier for a seventh straight month, a Reuters poll showed, likely dragged down by lower housing costs.

The all-items consumer price index (CPI) was seen falling 0.5 per cent from a year earlier, according to the median forecast in a Reuters survey of 10 economists.

In April, headline CPI fell 0.5 per cent from a year earlier, the biggest drop since late 2009.

If CPI declines again in May, that would be the seventh straight month in which headline CPI fell year-on-year, matching a similar streak from November 2001 to May 2002.

The poll also showed that the Monetary Authority of Singapore's (MAS) core inflation measure likely rose 0.5 per cent in May from a year earlier. In April, core CPI rose 0.4 per cent from a year ago, the smallest increase in five years.

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The central bank's core inflation measure excludes changes in the price of cars and accommodation, which are influenced more by government policies.


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