SINGAPORE: Singapore's core inflation averaged 0.7 per cent in 2025, falling from 2.8 per cent in 2024, according to official data released on Friday (Jan 23).
For December, core inflation stood at 1.2 per cent - unchanged from November 2025.
This was largely because food and services inflation remained unchanged, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) said in a joint media release.
On a month-on-month basis, core prices rose by 0.4 per cent in December.
Core inflation, which excludes accommodation and private road transport, is seen as a closer gauge of the day-to-day price changes that affect most households.
CPI-All Items inflation increased by 1.2 per cent in December, unchanged from November. This was mainly due to stable core and accommodation inflation.
On a month-on-month basis, the figure rose by 0.3 per cent in December
CPI-All Items inflation meanwhile averaged 0.9 per cent, declining from 2.4 per cent in 2024.
Private transport inflation picked up on the back of a smaller decline in petrol prices, MTI and MAS said. It increased 0.2 per cent from 3.5 per cent in November.
Services inflation held steady at 1.9 per cent as a smaller fall in airfares was offset by a slower pace of increase in the cost of healthcare services and a fall in holiday expenses.
Food inflation was unchanged at 1.2 per cent as the prices of food services increased at a similar pace as in November, MTI and MAS said.
Accomodations cost rose at a steady, unchanged pace of 0.3 per cent as housing rents increased at a similar rate in November and December.
Electricity and gas prices fell at a slightly faster pace on account of a larger decline in electricity costs.
There were also no changes in prices of retail and other goods as "higher prices for alcoholic beverages & tobacco were offset by falling prices for personal effects and furniture", MTI and MAS said.
Singapore’s imported costs should continue to decline, albeit at a slower pace, over the course of this year, MTI and MAS said.
The authorities noted that while global crude oil prices are projected to fall this year, regional inflation should pick up modestly after their weak outturns last year.
They expect unit labour cost growth to begin to increase as productivity growth normalises on the domestic front.
Meanwhile, private consumption demand is likely to remain steady.
"Reflecting these factors, MAS core inflation and CPI-All Items inflation are projected to rise in 2026 from their low rates last year," said MAS and MTI.
"The inflation outlook remains subject to uncertainties."
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For December, core inflation stood at 1.2 per cent - unchanged from November 2025.
This was largely because food and services inflation remained unchanged, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) said in a joint media release.
On a month-on-month basis, core prices rose by 0.4 per cent in December.
Core inflation, which excludes accommodation and private road transport, is seen as a closer gauge of the day-to-day price changes that affect most households.
CPI-All Items inflation increased by 1.2 per cent in December, unchanged from November. This was mainly due to stable core and accommodation inflation.
On a month-on-month basis, the figure rose by 0.3 per cent in December
CPI-All Items inflation meanwhile averaged 0.9 per cent, declining from 2.4 per cent in 2024.
SECTORS
Private transport inflation picked up on the back of a smaller decline in petrol prices, MTI and MAS said. It increased 0.2 per cent from 3.5 per cent in November.
Services inflation held steady at 1.9 per cent as a smaller fall in airfares was offset by a slower pace of increase in the cost of healthcare services and a fall in holiday expenses.
Food inflation was unchanged at 1.2 per cent as the prices of food services increased at a similar pace as in November, MTI and MAS said.
Accomodations cost rose at a steady, unchanged pace of 0.3 per cent as housing rents increased at a similar rate in November and December.
Electricity and gas prices fell at a slightly faster pace on account of a larger decline in electricity costs.
There were also no changes in prices of retail and other goods as "higher prices for alcoholic beverages & tobacco were offset by falling prices for personal effects and furniture", MTI and MAS said.
OUTLOOK
Singapore’s imported costs should continue to decline, albeit at a slower pace, over the course of this year, MTI and MAS said.
The authorities noted that while global crude oil prices are projected to fall this year, regional inflation should pick up modestly after their weak outturns last year.
They expect unit labour cost growth to begin to increase as productivity growth normalises on the domestic front.
Meanwhile, private consumption demand is likely to remain steady.
"Reflecting these factors, MAS core inflation and CPI-All Items inflation are projected to rise in 2026 from their low rates last year," said MAS and MTI.
"The inflation outlook remains subject to uncertainties."
Continue reading...