Singapore's Core Inflation Rises To 3.6% In May, Highest In 13 Years

Singapore's core inflation annually rose to 3.6% in May, its highest level since December 2008, according to official data released on Thursday.

Core inflation, which excludes the components of accommodation and private transport, was up 3.3% in April – its highest annual increase in 10 years, the Department of Statistics said.

Overall inflation in the country rose to 5.6% in May, compared to the same month of last year. The figure surpassed the 5.4% annual increase in both April and March.

The transport group items soared to 15.5% last month, while utilities and other fuels in the housing group jumped to 13.6% on an annual basis.

Although Singapore is not a formal member of the Group of 20, it has been invited to participate in most of the G-20 events since 2010. It has also been invited by Indonesia to attend this year's G-20 summit in Bali slated for November.

Singapore's gross domestic product (GDP) stood at $340 billion in 2020 during the COVID-19 pandemic, down from $374 billion in 2019, according to World Bank data. -