Singapore Core Inflation Hits Highest Level Since 2024

Core inflation in Singapore rose to 2.2% year-on-year in August 2026, marking the highest level since September 2024. The Monetary Authority of Singapore and the Ministry of Trade and Industry reported that the increase was driven by rising costs for food, retail goods, and services.

Overall inflation increased to 2.3% during the same period. This rise was partially offset by a decline in private transport inflation, which eased to 7.5%. Authorities noted that electricity and gas tariffs rose following a spike in global energy prices between April and mid-June 2026.

While government subsidies are expected to mitigate services inflation, officials warned that the outlook remains tilted to the upside. This risk is attributed to volatile global oil prices and adverse weather conditions expected to lower agricultural yields and increase the cost of imported food. Core and overall inflation are projected to average between 1.5% and 2.5% for the full year of 2026.