This was mainly driven by a larger decline in private transport costs, at a negative 6.8 per cent in May.
The costs of retail and other goods fell sharply, plunging 2.3 per cent in May, compared to 1.6 per cent in April. The decline in the cost of electricity and gas eased from -5.2 per cent in April to -4.6 per cent in May, as the Open Electricity Market had a smaller dampening effect on electricity prices due to a slowdown in new take‐up rates.
Services costs fell at a more gradual pace in May at -0.8 per cent compared to April's -1.1 per cent, as holiday expenses and air fares continued declining.MTI and MAS expect inflation to remain subdued, with both MAS Core Inflation and CPI‐All Items inflation forecast to average between ‐1 per cent and 0 per cent in 2020.
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