S'pore's core inflation holds steady at 1.2% in November 2025

Singapore's year-on-year core inflation held steady at 1.2 per cent in November 2025, the Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) said in a joint statement on Dec. 23.

This was due to higher services inflation being offset by lower retail and other goods inflation, as well as a steeper decline in the cost of electricity and gas.

Inflation numbers

The Consumer Price Index-All Items (CPI-All Items) inflation, which includes accommodation and private transport, also remained unchanged at 1.2 per cent on a year-on-year basis.

This is largely due to accommodation and core inflation remaining unchanged, MTI and MAS wrote.

On a month-on-month basis, core prices, which exclude accommodation and private transport, edged down by 0.1 per cent in November.

Meanwhile, CPI-All Items rose slightly by 0.2 per cent in November, month-on-month.

By sector

Sector-wise, food inflation stayed the same at 1.2 per cent year-on-year as the prices of food services and non-cooked food increased at the same pace as October.

Services inflation edged up to 1.9 per cent on the back of larger increases in the costs of point-to-point transport services and health insurance.

Electricity and gas prices fell at a rate of 4.1 per cent on the account of a larger decline in electricity costs.

Declines in the prices of clothing and footwear and other personal care appliances contributed to a dip in retail and other goods inflation, which came in at 0.3 per cent.

Private transport inflation eased to 3.5 per cent on the back of a smaller increase in car prices.

Accommodation inflation remained at 0.3 per cent.

CPI changes

At the expenditure division level, transport and health saw sharp increases in CPI, at 3.2 per cent and 4.4 per cent year-on-year.

Meanwhile, the CPI for clothing dipped 0.5 per cent year on year.

Forecasts

Looking to the months ahead, Singapore's imported costs should continue to decline, albeit at a slower pace, MTI and MAS said.

Global crude oil prices are also projected to fall more gradually in 2026 compared to 2025.

At home, "administrative factors" which have temporarily dampened inflation are expected to continue tapering over the coming quarters, MTI and MAS said.

Unit labour cost growth, which measures the average cost of labour to produce one unit of output, is expected to go up.

Private consumption demand will likely remain steady, MTI and MAS forecasted.

Reflecting these factors, core inflation is projected to come in at around 0.5 per cent in 2025 before rising to 0.5 to 1.5 per cent in 2026.

CPI-All Items inflation is expected to average 0.5 to 1.0 per cent in 2025 and 0.5 to 1.5 per cent in 2026.

MTI and MAS noted that the inflation outlook is subject to uncertainties, such as geopolitical developments or changes in oil prices.

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