Singapore’s annual inflation rate eased to 2.2% in September 2026, down from August’s more than two-year low of 2.3% and below market expectations. Price growth slowed notably in several categories, including transport (7.4% vs 8.1% in August), clothing and footwear (2.1% vs 3.1%), and household durables and services (0.2% vs 1.2%). In contrast, inflation in food (2.4% vs 2.3%) and housing and utilities (1.4% vs 1.3%) inched up slightly.
On a month-on-month basis, consumer prices rose 0.2%, moderating from a 0.6% increase in August. Core inflation eased to 2% in September from 2.2% in August, falling short of market expectations of 2.3%, as the import-dependent economy absorbed renewed global oil price pressures.
The softer inflation backdrop reinforced the Monetary Authority of Singapore’s recent decision to leave monetary policy unchanged. The central bank also revised down its core inflation forecast for this year to 1.5%–2.0%, from an earlier projection of up to 2.5%, while maintaining its headline inflation outlook at around 2%.