Economy

Economy: Headline CPI slides for 19th month in a row to a 30-year low
-Headline consumer prices slid 1.6% in May (est: -0.8%, Apr: -0.5%), marking its 19th consecutive month of decline to a 30-year low.
-The previous three occasions when the monthly CPI dipped below minus 1% were in Apr 2002 (-1.1%), Oct 1998 (-1.5%) and Aug 1986 (-2.5%).
-May's contraction was largely contributed by a 6.4% plunge in accommodation costs (Apr: -0.9%). Private road transport costs tumbled 7.6% (Apr: -7.1%), depressed by a decline in pump prices from the relatively high base last year.
-However, core inflation picked up to 1% (Apr: +0.8%) on more costly services (May: 1.5%, Apr: 0.7%), as the disinflationary effect from the reduction in foreign domestic worker concessionary levy since May 2015 dissipated.
-Meanwhile, food prices rose 2.2% (Apr: +2.3%) as the increases in price for prepared meals