Financial News: Singapore Inflation Rises To 21-Month High

Singapore Inflation Rises To 21-Month High

(RTTNews) - Singapore's consumer price inflation increased slightly in June to the highest level in nearly two years, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Thursday.

The consumer price index, or CPI, climbed 1.9 percent year-over-year in June, faster than May's stable increase of 1.8 percent.

Further, this was the highest inflation rate since September 2024, when prices had risen the same 1.9 percent.

MAS core inflation also rose to 1.6 percent in June from 1.4 percent in May, led by an increase in food, services, retail, and other goods inflation.

Food inflation climbed to 2.1 percent from 1.8 percent as prices of both non-cooked food and food services increased at a faster pace. Similarly, services inflation rose to 1.5 percent from 1.3 percent due to larger increases in airfares and holiday expenses.

Accommodation costs also grew at a faster pace of 0.6 percent versus 0.5 percent a month ago, and those for retail and other goods were 1.7 percent costlier. On the other hand, private transport inflation eased somewhat from 8.6 percent to 8.4 percent.

Looking ahead, Singapore's import prices are expected to pick up as higher energy costs and supply chain constraints will affect production and transport costs for a wider range of Singapore's imported goods and services over time.

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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