Singapore Consumer Inflation Steady At 1.2% In November

Singapore’s inflation stayed unchanged at 1.2% in November, coming in lower than market expectations. While prices for services rose, the increase was balanced out by a bigger drop in electricity costs.

Economists surveyed by Reuters had expected inflation to be 1.3%, but the actual number was slightly lower.

Core inflation, which does not include private transport and housing costs, also remained at 1.2%, below the expected 1.3%.

The rise in services inflation to 1.9% was mainly due to higher costs for taxis, ride-hailing services, car pooling, and health insurance.

At the same time, prices of retail goods slowed. Clothing, footwear, and personal-care appliances became cheaper, and electricity prices also fell, helping keep overall inflation in check.

Looking ahead, Singapore’s central bank, the Monetary Authority of Singapore (MAS), expects core inflation to stay low at around 0.5% in 2025, before rising to 0.5%–1.5% in 2026. Headline inflation is also expected to remain modest over the next two years.

MAS warned that global issues like geopolitical tensions could push up import costs suddenly. However, weaker global demand could also keep inflation lower for a longer period.

The inflation data comes as Singapore’s economy shows strong growth. Non-oil exports jumped 11.6% in November, much higher than expected. The economy also grew 4.2% in the third quarter, beating forecasts.

Because of this strong performance, Singapore’s trade ministry recently raised its GDP growth forecast to around 4% for this year and 1%–3% for 2026. Officials said global demand has been stronger than expected, especially in manufacturing and exports.

MAS has kept its monetary policy unchanged for the last two meetings, after easing policy earlier this year to support the economy amid global trade risks.