(Jan 23): Singapore’s core inflation rate rose 1.2% in December, maintaining the same pace for the third consecutive month as food and services inflation held steady.
The overall inflation rate came in at 1.2%, according to a statement by the Department of Statistics Singapore on Friday. Both gauges were unchanged from the previous month and in line with the median estimates in a Bloomberg survey.
Core inflation averaged 0.7% in 2025, while overall inflation was at 0.9%, both declining significantly from 2024.
The trade-reliant city-state could see greater price pressures this year as imported costs decline at a slower pace and regional inflation picks up modestly, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry said in a statement. On the domestic front, labour costs could begin to increase while household demand remains steady.
“Reflecting these factors, MAS Core Inflation and CPI-All Items inflation are projected to rise in 2026 from their low rates last year,” they said. Official estimates project the city-state’s core inflation coming in between 0.5%-1.5% in 2026.
See also: Singapore home prices rise less than estimated, rents drop
The figures come as some economists see scope for tighter monetary policy by April, with Singapore outperforming despite higher US tariffs. The MAS, which reviews policy four times a year, is expected to make its first decision of 2026 on Jan 29.
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