The annual core inflation rate in Singapore eased to 0.5% in July 2025, the lowest in four months, missing market estimates and the prior month’s 0.6% increase. Core Inflation Rate in Singapore averaged 1.77 percent from 1990 until 2025, reaching an all time high of 6.60 percent in June of 2008 and a record low of -1.40 percent in November of 2009. source: Monetary Authority of Singapore

Core consumer prices in Singapore increased 0.50 percent in July of 2025 over the same month in the previous year.

Core consumer prices in Singapore increased 0.50 percent in July of 2025 over the same month in the previous year. Core Inflation Rate in Singapore is expected to be 1.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Singapore Core Inflation Rate is projected to trend around 1.60 percent in 2026 and 2.00 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-07-23 05:00 AM
Core Inflation Rate YoY
Jun 0.6% 0.6% 0.7% 0.8%
2025-08-25 05:00 AM
Core Inflation Rate YoY
Jul 0.5% 0.6% 0.6% 0.8%
2025-09-23 05:00 AM
Core Inflation Rate YoY
Aug 0.5%


Related Last Previous Unit Reference
CPI 100.40 100.90 points Jul 2025
Core Consumer Prices 100.47 100.60 points Jul 2025
Core Inflation Rate YoY 0.50 0.60 percent Jul 2025
CPI Housing Utilities 99.80 101.40 points Jul 2025
CPI Transportation 101.82 101.60 points Jul 2025
Export Prices 89.77 90.21 points Jul 2025
Export Prices YoY -8.00 -7.90 percent Jul 2025
Food Inflation 1.10 1.00 percent Jul 2025
GDP Deflator 129.90 132.20 points Jun 2025
Import Prices 91.52 91.05 points Jul 2025
Import Prices YoY -6.10 -6.40 percent Jul 2025
Inflation Rate YoY 0.60 0.80 percent Jul 2025
Inflation Rate MoM -0.40 -0.10 percent Jul 2025
Producer Prices 97.33 97.83 points Jul 2025
PPI YoY -2.40 -3.70 percent Jul 2025

Singapore Core Inflation Rate
In Singapore, the core inflation rate tracks changes in prices that consumers pay for a basket of goods excluding changes in the price of cars and accommodation, which are influenced more by government policies.
Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.60 6.60 -1.40 1990 - 2025 percent Monthly
NSA

News Stream
Singapore Core Inflation Rate Hits 3-Month High
Core consumer prices in Singapore increased by 0.7% year-on-year in April 2025, accelerating from a four-year low of 0.5% in the previous month and surpassing market forecasts of 0.5%. This marked the highest core inflation rate since January, mainly driven by higher inflation in services and food, which more than offset a decline in retail and other goods inflation. Inflation accelerated for services (1.1% vs 0.6% in March), boosted by higher costs of health insurance and a smaller decline in airfares. Also, food inflation accelerated (1.4% vs 1.3%), as the prices of non-cooked food rose at a faster pace. Meanwhile, deflation was seen in retail & other goods (-1.2% vs -0.5%). On a monthly basis, core CPI rose by 0.5%. Last year, core inflation averaged 2.7%, much lower than 4.2% in 2023. Core inflation is projected to average 0.5–1.5% in 2025.
2025-05-23
Singapore Core Inflation Slows to Over 3-1/2-Year Low
Core consumer prices in Singapore climbed 0.8% year-on-year in January 2025, sharply easing from a downwardly revised 1.7% rise in the previous month and much slower than market forecasts of 1.5%. This marked the lowest core inflation rate since June 2021, mainly due to moderating inflation across almost all broad core CPI categories: services (1.0% vs 1.6%), food (1.5% vs 2.3%), and accommodation (1.6% vs 2.1%), while deflation was seen in retail & other goods (-0.6% vs 0.5%) and electricity & gas (-2.9% vs 2.4%). Meanwhile, private transport costs increased due to higher car prices (2.8% vs -0.9%). Monthly, core CPI fell by 0.2% after rising 0.5% in December. Last year, core inflation averaged 2.7%, much lower than 4.2% in 2023. Core inflation is projected to average 1.0–2.0% in 2025. The Department of Statistics Singapore said the CPI for general households has been rebased from the base year of 2019 to 2024.
2025-02-24
Singapore Core Inflation Lowest in Over 3 Years
Core consumer prices in Singapore increased 1.8% year-on-year in December 2024, slightly easing from a 1.9% rise in the previous month but above market forecasts of 1.7%. This marked the lowest core inflation rate since November 2021, mainly due to moderation in services inflation (1.8% vs. 2.2% in November) as holiday expenses fell and public transport costs slowed. Monthly, core inflation increased by 0.5% after being flat in November. For the full 2024, core inflation averaged 2.7%, much lower than 4.2% in 2023. Core inflation is projected to fall further in 2025 as services prices have been on a moderating trend.
2025-01-23