Singapore’s consumer price inflation accelerated in January to the highest level in just over a year amid higher accommodation costs, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Monday.
The consumer price index, or CPI, climbed 1.4 percent year-over-year in January, faster than December’s stable increase of 1.2 percent.
Further, this was the highest inflation rate since December 2024, when prices had risen 1.5 percent.
Data showed that MAS core inflation also moderated to 1.0 percent from 1.2 percent. The slowdown in core inflation was largely due to a moderation in services inflation.
Month-on-month, the total CPI decreased 0.5 percent in January versus a 0.3 percent increase in December. Core consumer prices also dropped 0.3 percent.
Accommodation inflation quickened to 1.9 percent in January from 0.3 percent due to a larger increase in the cost of housing maintenance and repairs. Prices of retail and other goods rose 0.5 percent after remaining flat in December.
At the same time, food inflation was steady at 1.2 percent, and private transport inflation moderated to 2.7 percent from 3.7 percent due to a smaller increase in car prices and a steeper decline in petrol prices.
Looking ahead, Singapore’s imported costs should remain contained, the MAS said. Domestically, unit labor cost growth should edge higher in 2026. MAS Core Inflation and CPI All items’ inflation is projected to average 1.0 to 2.0 percent in 2026.
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