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Chart of the Day: Headline inflation posts biggest slide 30 years as one-off rebates bite

Singapore Business Review

But core inflation hit its highest level in 14 months.

Singapore entered its 19th month of negative inflation in May, with the consumer price index down 1.6% on a year-on-year basis. According to UOB, this marks the steepest decline in headline inflation since August 1986.

The slide was brought about by a round of Service & Conservancy Charges (S&CC) rebates that was disbursed in May, but not in the same month last year. As a result, accommodation costs fell 6% year-on-year as the cost of housing and maintenance repairs declined sharply.

This chart from Maybank Kim Eng shows a divergence between the headline & core inflation. While headline inflation continued to slide, core inflation rose 1.0%, marking its highest level in 14 months.

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