Singapore Consumer Inflation Holds Stable at 1.2% in November, No Estimates

Singapore’s inflation in November remained stable at 1.2%, missing estimates. higher increase in prices for services was offset by a more marked drop in electricity costs.

That figure is below the 1.3 percent median estimate of analysts polled by Reuters.

Core inflation in the city-state, which does not take into account the prices of private transport and accommodation, also stood at 1.2%, compared to an expected 1.3%.

The rise in services inflation, to 1.9 percent, was due to a larger increase in the costs of point-to-point transportation, which includes taxis, ride-hailing and ride-hailing services, and health insurance.

In contrast, inflation in retail and other goods has slowed as prices for clothing and shoes, as well as personal care appliances, have fallen, in addition to falling electricity costs.

Core inflation is expected to be around 0.5% in 2025, before rising to between 0.5% and 1.5% in 2026. Headline inflation is expected to average between 0.5% and 1.0% in 2025 and between 0.5% and 1.5% in 2026, the MAS said in a statement.

“Supply shocks, including those resulting from geopolitical developments, could cause some import costs to rise sharply. However, a larger-than-expected weakening in global demand could keep underlying inflation low for longer,” the statement said.

The inflation figure comes after better-than-expected economic data from Singapore, with non-oil exports up 11.6% year-on-year in November, beating estimates of a 7% rise.

Singapore’s economy grew 4.2% in the third quarter, also beating expectations for 4% growth.

Last month, Singapore’s Ministry of Trade and Industry revised upwards the country’s annual GDP forecast at “around 4%” and around 1 to 3% for 2026, a sharp revision from the April forecast, when they warned that zero growth was also a possibility. The ministry said the global environment had proven more resilient than expected, with manufacturing and export demand remaining strong in the third quarter.

The MAS has kept its monetary policy stable over the past two meetings, after easing it at the January and April meetings amid the threat of tariffs on the global economy.