Singapore Core Inflation Rate Hits 3-Month High

Core consumer prices in Singapore increased by 0.7% year-on-year in April 2025, accelerating from a four-year low of 0.5% in the previous month and surpassing market forecasts of 0.5%.

This marked the highest core inflation rate since January, mainly driven by higher inflation in services and food, which more than offset a decline in retail and other goods inflation.

Inflation accelerated for services (1.1% vs 0.6% in March), boosted by higher costs of health insurance and a smaller decline in airfares.

Also, food inflation accelerated (1.4% vs 1.3%), as the prices of non-cooked food rose at a faster pace.

Meanwhile, deflation was seen in retail & other goods (-1.2% vs -0.5%).

On a monthly basis, core CPI rose by 0.5%.

Last year, core inflation averaged 2.7%, much lower than 4.2% in 2023.

Core inflation is projected to average 0.5–1.5% in 2025.