FX.co ★ Singapore Inflation Climbs to 13-Month High

Singapore’s annual inflation rate rose to 1.4% in January 2026, its highest level since December 2024, up from 1.2% in December. The main driver was a sharp jump in housing maintenance and repair costs, which surged 27.9% year-on-year, compared with 1.6% in December. Inflation also quickened in housing and utilities (1.7% vs 0.2%), healthcare (4.4% vs 4.2%), and recreation, sport, and culture (0.6% vs 0.3%).

Food inflation was steady at 1.2%. Lower prices for rice (-1.9% vs -4.1%) and leafy vegetables (-2.4% vs -2.1%) were offset by higher prices for cakes and pastries (2.1% vs 1.3%) and breakfast cereals (1.7% vs -0.8%). Transport inflation eased to 2.4% from 3.6%. Deflation persisted in clothing and footwear (-0.4% vs -1.0%) and in information and communication (-1.9% vs -2.0%).

Core inflation remained unchanged at 1.2%. On a monthly basis, the CPI fell 0.5% in January, its first decline since late July, following a 0.3% increase in December.