Singapore's core inflation averages 0.7% for 2025, down from 2.8% in 2024

SINGAPORE — Singapore's key consumer price gauge rose 1.2 per cent in December from a year earlier, official data showed on Friday (Jan 23).

The core inflation rate, which excludes private road transport and accommodation costs, matched the median forecast of 1.2 per cent by a Reuters poll of economists.

Headline inflation was 1.2 per cent in annual terms in December, matched the poll forecast of 1.2 per cent.

For 2025, Singapore's core inflation averaged 0.7 per cent, down from 2.8 per cent in 2024. Headline inflation averaged 0.9 per cent over the same period, down from 2.4 per cent in the previous year.

In a joint press statement on Friday, the Monetary Authority of Singapore and the Ministry for Trade and Industry said core and headline inflation are projected to rise in 2026 from their low levels in 2025.

"On the domestic front, unit labour cost growth should begin to increase as productivity growth normalises. Meanwhile, private consumption demand is likely to remain steady," the statement said.

MAS will release updated inflation forecast ranges for 2026 on Jan 29, when it releases its monetary policy statement.

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