Singapore's core inflation eased to 1.4% year-on-year in April 2026 [1].
This slowdown follows two consecutive months of price increases, suggesting a potential cooling of domestic price pressures across the city-state.
The Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) reported the data earlier this month [1]. The decline was primarily driven by lower inflation in services, retail, and other goods [1]. These factors helped offset specific price hikes in other sectors of the economy.
Private transport costs remained a significant outlier in the data. Those costs saw an 8.1% rise during the same period [4]. Despite this spike in transport expenses, the broader trend in the core index moved downward [2].
Core inflation typically excludes volatile items such as accommodation and private transport, though the MAS and MTI track these components to understand the overall cost of living. The April figure of 1.4% [3] represents a shift in momentum after the upward trend seen in the previous two months.
The government continues to monitor these metrics to determine the appropriate monetary policy stance for the region. While the 8.1% increase in transport costs [4] puts pressure on households, the easing in retail and services suggests that other consumer price pressures are beginning to stabilize.
“Singapore's core inflation eased to 1.4% year-on-year in April 2026”
The dip to 1.4% indicates that the inflationary pressures affecting Singapore's domestic economy are not currently in a sustained upward spiral. By offsetting the sharp rise in transport costs with declines in services and retail, the economy is showing a fragmented price environment. This data may provide the MAS with more flexibility in its monetary policy, as the cooling of core inflation reduces the immediate urgency for aggressive tightening to curb price growth.
