Singapore Core Inflation Hits 2.2%, Highest Since 2024

Singapore’s core inflation accelerated to 2.2% year over year in August from 2.0% in July, marking its highest level since September 2024, while headline inflation rose to 2.3% from 2.2%. Higher services costs, including airfares and point-to-point transport, along with pricier retail goods and food, drove the increase. Electricity and gas prices remained 8.7% higher than a year earlier amid elevated global energy costs, while private transport inflation eased to 7.5% as car prices rose more slowly. The Monetary Authority of Singapore and the Ministry of Trade and Industry maintained their forecast that full-year core and headline inflation will average 1.5% to 2.5%, but said underlying price pressures may remain elevated before easing more noticeably around mid-2027.