Core inflation rises to 1.2% in October

MAS core Inflation is projected to average around 0.5% in 2025.

Singapore’s core consumer prices increased in October after a marked slowdown in the previous month, according to a joint statement from the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI).

Core inflation climbed to 1.2% year-on-year (YoY), up from 0.4% in September, as services, food and retail & other goods registered faster increases. On a month-on-month (MoM) basis, core prices rose 0.5%.

Headline CPI-All Items inflation also edged up to 1.2% YoY, compared with 0.7% in September. The authorities said the gain came mainly from a larger rise in private transport prices alongside higher core inflation.

Services inflation also strengthened due to a quicker rise in health insurance premiums, healthcare services costs, and holiday expenses. Food inflation also inched higher on the back of a faster increase in non-cooked food prices. Retail and other goods saw a lift from higher clothing, footwear and personal effects prices.

Private transport inflation rose as car prices increased more steeply, whilst electricity & gas prices fell at a slower pace.

Accommodation inflation eased, reflecting a more moderate rise in housing rents.

MAS core Inflation is projected to average around 0.5% in 2025, before rising to 0.5–1.5% in 2026. CPI-all items inflation is forecast at 0.5–1.0% in 2025 and 0.5–1.5% in 2026.

The inflation outlook remains subject to risks, particularly from geopolitical developments that could disrupt supply and lift import costs.

A sharper drop in global demand could keep core inflation subdued for longer, whilst a deeper fall in oil prices may temporarily slow overall price increases.