Singapore core inflation holds at 1.2% in November 2025

Higher services costs were offset by softer goods and energy prices.

Singapore’s core inflation remained unchanged at 1.2% year on year (YoY) in November 2025, matching October’s reading, as higher services inflation was offset by weaker retail and other goods prices and a steeper decline in electricity and gas costs, according to a joint announcement of the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry.

On a month-on-month (MoM) basis, core prices edged down 0.1%, reflecting easing cost pressures outside services.

Headline CPI-All Items inflation also held steady at 1.2% YoY, reflecting unchanged accommodation and core inflation. On a MoM basis, CPI-All Items prices rose 0.2%.

Services inflation ticked up to 1.9% YoY from 1.8% in October 2025, reflecting larger increases in point-to-point transport services and health insurance costs, whilst retail and other goods inflation eased to 0.3% amidst lower prices for clothing, footwear and personal care appliances

Electricity and gas prices fell 4.1% YoY, extending declines seen in recent months, whilst food inflation remained unchanged at 1.2% as price increases for food services and non-cooked food held steady, according to the announcement.