Core inflation cools to 1.4% in April

However, private transport costs jumped 8.1% as car prices surged.

Core inflation eased in April as services and retail goods prices rose at a slower pace, according to the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI).

MAS core inflation— excluding accommodation and private transport — came in at 1.4% year-on-year (YoY), down from 1.7% in March. CPI-All Items inflation remained unchanged at 1.8%.

The moderation was attributed to lower services inflation and slower increases in retail and other goods prices. On a month-on-month basis, core prices edged up 0.2% in April.

Services inflation eased to 1.5% during the month from 2.1% in March, on the back of a smaller increase in health insurance costs and lower telecommunication services prices.

In addition, retail and other goods inflation slowed to 1.5% from 1.8%, as water price inflation moderated. Food inflation stayed at 1.6%.

However, private transport inflation rose to 8.1% from 6.6% in the previous month due to larger increases in petrol and car prices. Accommodation inflation also grew to 0.4% from 0.3% amidst higher housing rents.

Electricity and gas prices fell to -3% from -4.3%.

MAS and MTI said imported cost pressures are expected to pick up in the coming months as higher energy and input costs linked to developments in the Middle East feed through global supply chains.

However, domestic consumer spending could turn more cautious amidst rising economic uncertainty, whilst wage growth is likely to ease this year.

Both authorities projected MAS Core Inflation and CPI-All Items inflation to average between 1.5% and 2.5% in 2026.

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