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Buildings in Singapore's central business district (Photo: channelnewsasia.com)

Notably, core inflation in May dropped to 4.7%, the first time they fell below the 5% mark since July 2022, and lower than the 5% recorded in April.

Meanwhile, the headline consumer price index (CPI) in May picked up by 5.1% year-on-year, down from the 5.7% increase recorded a month earlier, which has largely reflected a decline in private transport prices and core inflation.

Source: VNA