Singapore Inflation Rate Slightly Above Estimates

Singapore’s annual inflation rate stood at 1.6% in December 2024, keeping unchanged from the previous month while surpassing market expectations of 1.5%.

Prices continued to increase for food (2.5% vs 2.4% in November); housing and utilities (2.5% vs 2.6%), largely owing to accommodation; healthcare (2.7% vs 2.6%), mainly driven by hospital services; transport (0.6% vs 0.5%), amid an increase in public transport; recreation and culture (0.6% vs 1.4%), led by holiday expenses; education (2.6% vs 3.0%), driven by tuition & fees; and miscellaneous items (1.2% vs 0.4%), mostly due to personal care.

Meantime, cost communication slightly softened (-1.2% vs -1.3%).

Meanwhile, the annual core inflation rate eased to 1.8% from 1.9% in November, marking the lowest level in over three years while topping estimates of 1.7%.

Monthly, CPI was up 0.3%, the most in three months, after being flat in November.