Singapore Inflation Remains Highest Since 2024

Singapore's annual inflation rate held steady at 1.8% in May 2026, unchanged for a second consecutive month but below market expectations of 2%. It remained the highest reading since September 2024, as price pressures accelerated across several categories, including food (1.8% vs 1.6% in April), transport (7.4% vs 7%), clothing and footwear (1.1% vs 1%), recreation, sport and culture (1.3% vs 0.9%), and miscellaneous goods and services (2.4% vs 1.7%). In addition, inflation was stable for housing and utilities (0.2%), health (3.1%), and education (-0.8%). On the other hand, price growth moderated for household durables and services (0.7% vs 1.1%), and deflation deepened for information and communication (-2.9% vs -0.9%). On a monthly basis, consumer prices rose 0.7%, rebounding from a 0.3% fall in April. Meanwhile, core inflation, which excludes accommodation and private transport costs, held steady at 1.4% in May, undershooting market expectations of 1.6%.