Singapore’s annual inflation rate accelerated to 1.8% in March 2026, up from 1.2% in February, reaching its highest level since September 2024. The increase was driven primarily by a sharp rise in transport costs, which jumped to 6% from 2.7% the previous month, reflecting higher petrol prices amid prolonged tensions in the Middle East that have disrupted global supply chains.
By contrast, inflation was stable for food (1.6%) and for housing and utilities (0.3%). Price pressures eased slightly in health (4.0%, down from 4.2%) and in recreation, sport and culture (1.7%, down from 1.9%).
Authorities warned that inflation risks remain skewed to the upside. They cautioned that extended disruptions to global energy supplies or shortages of key inputs in regional supply chains could further elevate imported costs for Singapore.
On a month-on-month basis, consumer prices rose 0.5% in March, moderating from a 0.6% increase in February. Meanwhile, core inflation picked up to 1.7%, from 1.4% in the previous month, its highest reading since November 2024.