FX.co ★ Singapore Inflation Rate Highest Since 2024

Singapore’s annual inflation rate inched up to 1.9% in June 2026 from 1.8% in May, coming in just below market expectations of 2%. Nonetheless, it was the highest reading since September 2024, indicating that recent increases in global energy prices and transportation costs are starting to feed through to domestic prices.

Price gains strengthened across several key categories, most notably food (2.1% vs 1.8% in May), housing and utilities (0.3% vs 0.2%), and transport (7.5% vs 7.4%). Services inflation also edged higher, rising to 1.5% from 1.4%, driven largely by more expensive airfares and holiday-related spending.

On a monthly basis, consumer prices were flat in June after a 0.7% increase in May. Meanwhile, core inflation—which excludes accommodation and private transport costs—accelerated to 1.6% from 1.4%.

The Monetary Authority of Singapore (MAS) raised its 2026 core inflation forecast to a range of 1.5%–2.5%, up from 1%–2%, citing concerns that persistent price pressures could weigh on household spending and overall demand.