S'pore's core inflation rises to 1.2% in Oct; highest recorded in 2025

Increase driven by higher inflation in services, food, retail and other goods

- Annabelle Liang Correspondent

Inflation in food, retail and other goods edged slightly higher in October, while electricity and gas prices saw a smaller decline. MAS and MTI reiterated that core inflation is still projected to come in at around 0.5 per cent in 2024, and between 0.5 per cent and 1.5 per cent in 2025.

(ST FILE PHOTO)

Singapore’s rise in consumer prices accelerated in October, driven by higher inflation in services, food, retail and other goods, according to official data released on Nov 24.

Core inflation, which excludes private transport and accommodation costs to better represent household expenses, rose from 0.4 per cent in September to 1.2 per cent in October.

The reading is markedly higher than the 0.7 per cent forecast by analysts in a Bloomberg poll, and is the highest rate recorded since December 2024.

Services inflation surged from 0.3 per cent in September to 1.8 per cent in October.

“Services inflation picked up due to a faster pace of increase in healthcare services costs and holiday expenses,” the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) said.