Singapore inflation rises 7.5 percent in May on high crude prices

Singapore inflation rises 7.5 percent in May on high crude prices

SINGAPORE (Thomson Financial) - Inflation in Singapore remained at a 26-year high of 7.5 percent in May from a year ago led by the surge in housing and food costs, while high crude oil prices continued to push up transportation costs, the Department of Statistics said on Monday.

Economists polled by Thomson IFR were expecting a 7.9 percent average jump in consumer prices last month, topping the 7.5 percent rise in April.

On a seasonally adjusted basis, inflation in May 2008 was 0.3 percent higher from April.

Housing costs increased 12.4 percent from a year ago while food costs rose 9.0 percent. Transport and communication costs also edged up 6.0 percent.