Financial News: Singapore Inflation Rises To 2.3%, Highest In Over

Singapore Inflation Rises To 2.3%, Highest In Over 2 Years

09/23/2026 - 05:24:00 (RTTNews)

(RTTNews) - Singapore's consumer price inflation accelerated for the third straight month in August to the highest level in just over two years, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Wednesday.

The consumer price index, or CPI, climbed 2.3 percent year-over-year in August, slightly faster than the 2.2 percent rise in July. Further, this was the highest inflation rate since July 2024, when prices had risen 2.5 percent.

MAS core inflation also climbed to 2.2 percent in August from 2.0 percent in July, led by higher costs for services, retail, and other goods and food.

Services inflation rose to 2.0 percent from 1.7 percent due to increased airfares along with point-to-point transport services. Retail and other goods inflation increased to 1.8 percent from 1.4 percent amid rising costs for clothing & footwear and personal care products.

Food inflation edged higher to 2.3 percent from 2.2 percent. On the other hand, private transport inflation eased from 8.0 percent to 7.5 percent due to a smaller increase in car prices.

Looking ahead, Singapore's import prices are expected to pick up as global oil prices remain high and volatile while adverse weather conditions are expected to lower agricultural yields.

Meanwhile, domestic unit labor costs in the services sector are likely to rise at a slower pace amid sustained productivity growth and moderating nominal wage growth.

Core inflation and CPI-all-items inflation are currently projected to average 1.5-2.5 percent in 2026, the MAS said.

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