Singapore Inflation Rate Below Forecasts

Singapore's annual inflation rate held steady at 1.8% in May 2026, unchanged for a second consecutive month and below market expectations of 2%. The reading comes on the heels of the Monetary Authority of Singapore's return to policy tightening in April, the first such move since 2022, as the central bank sought to guard against inflationary pressures arising from the conflict in the Middle East. The central bank also raised its forecasts for both core and headline inflation to 1.5%–2.5% for 2026, from 1%–2% previously. Price pressures accelerated across major categories, particularly food (1.8% vs 1.6% in April) and transport (7.4% vs 7.0%), while inflation for housing and utilities remained unchanged at 0.2%. On a monthly basis, consumer prices rose 0.7%, rebounding from a 0.3% fall in April. Meanwhile, core inflation, which excludes accommodation and private transport costs, held steady at 1.4% in May, slightly below market expectations of 1.6%.

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.