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

Singapore’s annual inflation rate accelerated to 2.2% in July 2026, up from 1.9% in June, reaching its highest level since August 2024. The pickup was driven by faster price increases for food (2.2% vs 2.1% in June), housing and utilities (1.3% vs 0.3%), transport (7.9% vs 7.5%), and health (3.3% vs 3.1%). Prices for clothing and footwear also rebounded, rising 1.5% after a 0.1% decline in June.

By contrast, inflation slowed in household durables and services (1% vs 1.4%) and in miscellaneous goods and services (1.9% vs 2%). Deflation intensified in information and communication (-4% vs -2.7%) and in education (-0.9% vs -0.8%). On a monthly basis, consumer prices slipped 0.2% in July after showing no change in June.

Core inflation, which excludes accommodation and private transport costs, rose to 2% from 1.6%. In response, 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 dampen household spending and overall demand.