Singapore Inflation Rate Hits Near 2-Year High

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.

Singapore’s annual inflation rate edged up to 1.9% in June 2026 from 1.8% in the previous month, slightly below market expectations of 2%. Still, it marked the highest level since September 2024, suggesting that recent increases in global energy prices and transportation costs are beginning to filter through to domestic prices. Price growth accelerated across several key categories, particularly food (2.1% vs 1.8% in May), housing and utilities (0.3% vs 0.2%), and transport (7.5% vs 7.4%). In addition, services inflation ticked higher to 1.5% from 1.4%, driven largely by higher airfares and holiday-related expenses. On a monthly basis, consumer prices stalled in June after rising 0.7% in the previous month. Meanwhile, core inflation, which excludes accommodation and private transport costs, accelerated to 1.6% from 1.4%. The MAS raised its 2026 core inflation forecast to 1.5%-2.5% from 1%-2%, citing risks that persistent price pressures could dampen household spending and demand.

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%.