Singapore Inflation Rises Less than Expected

Singapore’s annual inflation rate held steady at 1.8% in April 2026, unchanged from March but below market expectations of 2%. It remained the highest reading since September 2024, as the transport costs rose to 7% from 6% in the prior month, as the ongoing Middle East conflict continued to trigger a surge in global oil prices and severe disruptions to energy supply chains. Prices also slightly increased for clothing and footwear (1% vs 0.9%), household durables and services (1.1% vs 0.9%), and miscellaneous goods and services (1.7% vs 1.5%). On the other hand, food inflation remained unchanged at 1.6%, while price growth moderated for housing and utilities (0.2% vs 0.3%) and healthcare (3.1% vs 4.0%). On a monthly basis, consumer prices fell 0.3% in April, reversing the 0.5% increase recorded in March. Meanwhile, core inflation, which excludes accommodation and private transport costs, eased to 1.4% from 1.7% in March, also coming in below market expectations of 1.7%.

Singapore’s annual inflation rate rose to 1.8% in March 2026, from 1.2% in the previous month. This marked the highest reading since September 2024, driven largely by a sharp increase in transport costs, which climbed to 6% from 2.7% in February, amid higher petrol prices linked to prolonged Middle East tensions that disrupted global supply chains. Meanwhile, prices were stable for food (1.6%) and housing and utilities (0.3%), while easing was recorded in health (4% vs 4.2%) and recreation, sport and culture (1.7% vs 1.9%). Authorities noted that inflation risks remain tilted to the upside, warning that prolonged disruptions to global energy supplies or shortages in key inputs to regional supply chains could further increase imported costs for Singapore. On a monthly basis, consumer prices edged down to 0.5% from 0.6% in February. Meanwhile, the core inflation rate rose to 1.7% in March, from 1.4% in the preceding month, marking its highest level since November 2024.

Singapore’s annual inflation rate edged lower to 1.2% in February 2026, from a thirteen-month high of 1.4% in the previous month. The main downward pressure came from housing and utilities (0.3% vs 1.7% in January), driven largely by softer prices in utilities and other fuels. On the other hand, food inflation picked up (1.6% vs 1.2%), particularly in cereal products, meat, and fruits and nuts. Transport costs also accelerated (2.7% vs 2.4%), led by private transport and land transport services. In addition, prices recovered for clothing (0.9% vs -0.4%) and information and communication (1.4% vs -1.9%), while inflation rose further in recreation, sport and culture (1.9% vs 0.6%). On a monthly basis, consumer prices increased 0.6%, rebounding from a 0.5% decline in January. Meanwhile, the core inflation rate rose to 1.4% from 1%, marking its highest level since December 2024.