FX.co ★ Singapore Inflation Remains Highest Since 2024

Singapore’s annual inflation rate remained at 1.8% in May 2026, unchanged for the second straight month and below market expectations of 2%. Despite this, it was still the highest rate since September 2024, as price pressures intensified across several categories. Food inflation picked up to 1.8% (from 1.6% in April), transport to 7.4% (from 7.0%), clothing and footwear to 1.1% (from 1.0%), recreation, sport and culture to 1.3% (from 0.9%), and miscellaneous goods and services to 2.4% (from 1.7%).

At the same time, inflation was unchanged for housing and utilities (0.2%), health (3.1%), and education (-0.8%). In contrast, price growth eased for household durables and services (0.7% vs 1.1%), while deflation deepened in information and communication (-2.9% vs -0.9%).

On a monthly basis, consumer prices rose 0.7% in May, reversing a 0.3% decline in April. Meanwhile, core inflation—which excludes accommodation and private transport costs—also stayed flat at 1.4%, below market forecasts of 1.6%.