FX.co ★ Singapore Inflation Rate Hits Over 2-Year High

Singapore’s annual inflation rate inched up to 2.3% in August 2026 from 2.2% in July, reaching its highest level since July 2024. The increase was driven by faster price gains in several categories: food (2.3% vs 2.2% in July), transport (8.1% vs 7.9%), clothing and footwear (3.1% vs 1.5%), household durables and services (1.2% vs 1.0%), and miscellaneous goods and services (2.6% vs 1.9%).

Prices for housing and utilities (1.3%) and health (3.3%) were unchanged, while deflation in education moderated slightly (-0.7% vs -0.9%). In contrast, inflation for recreation, sport, and culture eased to 1.0% from 1.1%.

On a monthly basis, consumer prices rose 0.6% in August after a 0.2% decline in July, the strongest monthly increase since February. Core inflation, which excludes accommodation and private transport costs, climbed to 2.2% from 2.0% in July, its highest rate since September 2024.

The central bank had earlier indicated that inflation would start to pick up from July and remain elevated through the first half of next year.