Singapore inflation

Economists expect MAS to tighten monetary policy in April or July, after keeping settings unchanged in January

Despite maintaining its policy stance on Thursday, the central bank raises full-year core and headline inflation forecasts to 1-2%

The latest move comes after the central bank similarly kept settings unchanged in October and July 2025.

Singapore leaves monetary policy settings unchanged in January but raises inflation forecasts

MAS ups full-year core and headline inflation forecasts to 1-2%, from 0.5-1.5%

The official forecast ranges for 2026 will be updated in the upcoming monetary policy statement, which will be released on Jan 29.

Singapore’s 2025 core inflation averages 0.7%, down from 2.8% in 2024

December’s core and headline inflation stayed unchanged at 1.2%

Services inflation edged up 1.9% in November, against October’s 1.8%, due to larger increases in the costs of point-to-point transport services and health insurance.

Singapore’s core, headline inflation hold steady at 1.2% in November

Official forecasts for 2025 also remain unchanged, at 0.5% for core inflation and 0.5% to 1% for headline inflation

At its last meeting in July, the Monetary Authority of Singapore also kept policy settings unchanged.

MAS holds policy steady in October, expected to continue doing so in 2026

Better-than-forecast growth means ‘no urgency’ to change monetary policy settings, say economists

The latest move comes after the central bank kept policy settings unchanged in July.

Singapore keeps monetary policy settings unchanged in October, for second straight quarter

Full-year core inflation is now forecast at 0.5%, while the headline inflation range was narrowed lower

Food inflation holds steady at 1.1% as a slight moderation in non-cooked food inflation is offset by a mild pickup in food services inflation.

Singapore’s core inflation slows to 0.3% in August, below expectations

Headline inflation also slows to 0.5%, down from 0.6% in July