Singapore, 24 December 2025 — Singapore’s inflation story in 2025 has been one of stability rather than acceleration, even as households feel the pinch of rising costs in some everyday services. Official data released this week shows that both core inflation and headline inflation stood at 1.2% year‑on‑year in November 2025, a level that has held steady since October and remains below some economists’ forecasts.
What the latest inflation figures show
According to the most recent Consumer Price Index (CPI) data:
- Core inflation, which excludes accommodation and private transport to better capture underlying price pressures, was 1.2% in November 2025, unchanged from October and slightly below forecast estimates.
- Headline inflation also recorded 1.2% year‑on‑year in November, reflecting broader price movements across household consumption.
The steady figures suggest that price increases remain contained overall, even as specific categories such as services, especially health insurance and point‑to‑point transport—continue to inch upward.
What’s driving prices in Singapore
The inflation data for late 2025 highlights a mix of trends shaping consumer prices:
- Services inflation continued to rise modestly, with higher costs in areas such as health insurance and transport services contributing to the overall CPI.
- Retail and goods inflation softened, as prices for clothing, footwear, and personal care items eased back.
- Energy costs like electricity and gas continued to exert downward pressure as prices fell, partly offsetting other increases.
Economists note that this mix reflects a balancing act between global cost pressures and domestic demand. While some essentials have become more expensive, other categories have remained resilient, helping to keep overall inflation moderate.
Broader context: forecasts and outlook
The Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) have maintained their inflation forecasts for 2025 and 2026, with core inflation projected to average **0.5% in 2025 and rise to between 0.5% and 1.5% in 2026. Headline inflation is also expected to average 0.5% to 1.5% next year, reflecting expectations of continued moderate price pressures.
Despite the steady readings, economists caution that inflation outcomes remain sensitive to global developments, including fluctuations in oil prices and supply chain dynamics, which could tilt prices up or down.
What Singapore residents might feel
For consumers in Singapore, the latest inflation figures likely translate into modest increases in everyday costs, especially in services that households use regularly. While the overall headline rate remains controlled, the persistence of cost rises in areas like transport and healthcare can still be noticeable in monthly budgets.
Analysts also point out that moderate inflation gives MAS some policy flexibility, reducing immediate pressure for aggressive monetary tightening while allowing close monitoring of emerging price dynamics.
Singapore’s inflation performance in 2025 underscores a period of relative price stability, with core and headline rates both holding at moderate levels toward the end of the year. While individual cost pressures in services and essentials may be palpable for households, the overall picture suggests that inflation remains contained within the ranges projected by authorities. As 2026 approaches, policymakers and businesses alike will be watching global energy markets, supply chain shifts, and domestic demand trends to understand how prices evolve in the months ahead.