The median forecast of 21 economists polled by Bloomberg before the Department of Statistics released the data on Monday was for a 2.6 per cent year-on-year rise in the consumer price index (CPI).
The Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) said in joint comments that the rise was "due to base effects associated with the fluctuations in COE premiums".
Apart from private road transport costs - which climbed by a stronger 8.1 per cent in May compared to April's 5.7 per cent - price increases for all other major categories moderated slightly during the month.
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