Singapore Inflation Lowest in 4 ½ Years

Singapore’s annual inflation rate edged down to 2.2% in September 2026 from market expectations and August's more than two-year low of 2.3%. Price growth notably moderated for transport (7.4% vs 8.1% in August), clothing and footwear (2.1% vs 3.1%), and household durables and services (0.2% vs 1.2%). In contrast, inflation slightly picked up for food (2.4% vs 2.3%) and housing and utilities (1.4% vs 1.3%). On a monthly basis, consumer prices rose 0.2%, slowing from 0.6% in August. Singapore’s core inflation eased to 2% in September from 2.2% in August, undershooting market expectations of 2.3% as the import-reliant economy weathered renewed global oil price pressures. The slowdown supported the Monetary Authority of Singapore’s recent decision to keep monetary policy unchanged. The central bank also lowered its core inflation forecast for this year to 1.5%-2%, from a previous projection of up to 2.5%, while maintaining its outlook for headline inflation at around 2%.

Singapore’s annual inflation rate edged up to 2.3% in August 2026 from 2.2% in the previous month. It marked the highest reading since July 2024, as prices accelerated for food (2.3% vs 2.2% in July), transport (8.1% vs 7.9%), clothing and footwear (3.1% vs 1.5%), household durables and services (1.2% vs 1%), and miscellaneous goods and services (2.6% vs 1.9%). Moreover, prices were stable for housing and utilities (1.3%) and health (3.3%), while deflation in education slightly eased (-0.7% vs -0.9%). In contrast, inflation ticked down for recreation, sport and culture (1% vs 1.1%). On a monthly basis, consumer prices rebounded 0.6% from a 0.2% decline in July, marking its highest level since February. Core inflation, which excludes accommodation and private transport costs, rose to 2.2% in August from 2% in July, its highest since September 2024. The central bank had earlier said inflation was expected to pick up from July and remain elevated through the first half of next year.

Singapore’s annual inflation rate rose to 2.2% in July 2026 from 1.9% in the previous month. It marked the highest reading since August 2024, as prices increased at a faster pace for food (2.2% vs 2.1% in June), housing and utilities (1.3% vs 0.3%), transport (7.9% vs 7.5%), and health (3.3% vs 3.1%). In addition, prices rebounded notably for clothing and footwear (1.5% vs -0.1%). Meanwhile, inflation eased for household durables and services (1% vs 1.4%) and miscellaneous goods and services (1.9% vs 2%), while deflation deepened for information and communication (-4% vs -2.7%) and education (-0.9% vs -0.8%). On a monthly basis, consumer prices fell 0.2% after stalling in June. Core inflation, which excludes accommodation and private transport costs, rose to 2% from 1.6%. The MAS raised its 2026 core inflation forecast to 1.5%-2.5% from 1%-2%, citing risks that persistent price pressures could weigh on household spending and demand.