June 21, 2019 / 9:24 AM / 4 months ago

Singapore's headline inflation seen slowing in May: Reuters poll

People shop at a pop-up store in Singapore April 24, 2017. REUTERS/Edgar Su

SINGAPORE (Reuters) - Singapore’s headline inflation likely eased in May for the first time in four months as economic growth slowed and amid a fall in oil prices, a Reuters poll showed on Friday.

Singapore’s consumer price index in May probably rose 0.6% from a year earlier, a Reuters poll showed, slowing from 0.8% a month earlier.

The poll of 10 economists also expected core inflation of 1.3 percent in May, unchanged from the April rate, which was a one-year low. Core inflation is the Monetary Authority of Singapore’s (MAS) preferred price gauge in setting monetary policy.

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

Data on Monday showed Singapore’s exports fell the most in more than three years mainly due to a slump in shipments to China, prompting economists to raise bets on the prospect of monetary easing later this year.

The outlook for inflation is on the downside as oil prices decline and as economic growth takes a toll from the U.S.-China trade war and weaker global demand.

“We expect slowing growth and the recent decline in global prices to push core inflation lower in the coming months,” ANZ bank said in a note to clients.

Reporting by Fathin Ungku; Editing by Jacqueline Wong

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