Singapore’s core inflation eases to 2% in September on lower services, retail prices

A “sharp and sustained surge” in global energy or food prices could lift Singapore’s import costs by more than projected, say MAS and METI.

Pedestrians crossing a street in the Orchard Road shopping district in Singapore. (File photo: AFP/Roslan Rahman)

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SINGAPORE: Singapore’s core inflation eased to 2 per cent year-on-year in September, down from 2.2 per cent in August, according to official figures released on Friday (Oct 23).

This was because of lower inflation in services, retail and other goods and private transport, the Monetary Authority of Singapore (MAS) and Ministry of Energy, Trade and Industry (METI) said in a joint media release.

Core prices, which exclude accommodation and private transport, rose by 0.1 per cent month-on-month in September.

Overall inflation, as measured by the Consumer Price Index-All Items, fell to 2.2 per cent year-on-year in September from 2.3 per cent in August, due to lower core inflation and private transport inflation.

CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less On a month-on-month basis, overall inflation – which excludes non-consumption expenditures such as purchases of houses, shares and other financial assets and income taxes – rose by 0.2 per cent in September. SECTORS Official data released on Friday showed that services inflation eased to 1.7 per cent in September from 2 per cent in August due to a smaller increase in point-to-point transport service costs and a larger decline in telecommunication service prices. Retail and other goods inflation also moderated to 1.2 per cent in September from 1.8 per cent in August as furniture prices declined and clothing prices rose at a slower pace. Private transport inflation also fell to 7.1 per cent in September from 7.5 per cent in August due to a more gradual increase in car prices. Electricity and gas inflation was unchanged at 8.7 per cent as prices rose at a similar pace in both September and August. MAS and METI noted that the regulated electricity tariff for each quarter is set based largely on the average natural gas prices in the first two and a half months of the preceding quarter, among other factors. “The increase in the regulated electricity tariff in the third quarter of 2026 is thus the result of the spike in global energy prices over the period of April to mid-June 2026,” the authorities said. Accommodation inflation edged up to 0.9 per cent in September from 0.8 per cent in August, with housing rents increasing at a faster pace. Food inflation also rose to 2.4 per cent in September from 2.3 per cent in August due to higher inflation in both non-cooked food and food services.

On a month-on-month basis, overall inflation – which excludes non-consumption expenditures such as purchases of houses, shares and other financial assets and income taxes – rose by 0.2 per cent in September.

Official data released on Friday showed that services inflation eased to 1.7 per cent in September from 2 per cent in August due to a smaller increase in point-to-point transport service costs and a larger decline in telecommunication service prices.

Retail and other goods inflation also moderated to 1.2 per cent in September from 1.8 per cent in August as furniture prices declined and clothing prices rose at a slower pace.

Private transport inflation also fell to 7.1 per cent in September from 7.5 per cent in August due to a more gradual increase in car prices.

Electricity and gas inflation was unchanged at 8.7 per cent as prices rose at a similar pace in both September and August.

MAS and METI noted that the regulated electricity tariff for each quarter is set based largely on the average natural gas prices in the first two and a half months of the preceding quarter, among other factors.

“The increase in the regulated electricity tariff in the third quarter of 2026 is thus the result of the spike in global energy prices over the period of April to mid-June 2026,” the authorities said.

Accommodation inflation edged up to 0.9 per cent in September from 0.8 per cent in August, with housing rents increasing at a faster pace.

Food inflation also rose to 2.4 per cent in September from 2.3 per cent in August due to higher inflation in both non-cooked food and food services.

The authorities said that imported cost pressures are expected to remain firm for Singapore in the near term.

“Energy commodity prices have risen anew and are projected to remain high in the near term,” said MAS and METI.

“Global and regional food prices are also expected to pick up as costlier inputs and adverse weather patterns affect food production.”

But imported inflation should ease over 2027 as the effects of temporary supply disruptions fade, the authorities added.

On the domestic front, price pressures are likely to stay subdued, with unit labour costs in the services sector expected to remain contained amid continued productivity gains, MAS and METI said.

Enhanced government subsidies, such as for healthcare and education, will also dampen services inflation, the authorities added.

Taking into account these factors, core inflation and overall inflation are expected to remain slightly elevated in the immediate quarters ahead before easing more discernibly from mid-2027.

Core inflation is expected to average 1.5 per cent to 2 per cent in 2026, in line with MAS' full-year forecast range . It is also expected to average 1.5 per cent to 2.5 per cent in 2027.

Overall inflation is expected at around 2 per cent in 2026 and 1.5 per cent to 2.5 per cent in 2027.

“The risks to inflation remain tilted to the upside. A sharp and sustained surge in global energy or food prices could lift Singapore’s import costs by more than projected,” MAS and METI said.

Domestic inflation could also stay elevated if spillovers from the artificial intelligence-related boom broaden and unit labour costs rise more rapidly, the authorities added.

“However, higher-than-expected global interest rates or a pullback in AI-related investment could exert a drag on growth, and thus, inflation,” MAS and METI said.

“Energy production and shipments from the Middle East could also recover more quickly than projected, resulting in a greater decline in energy prices.”

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新加坡金融管理局和经济产业省表示，全球能源或食品价格的“急剧且持续上涨”可能会使新加坡的进口成本上升幅度超过预期。

新加坡乌节路购物区，行人正在过马路。（资料照片：法新社/罗斯兰·拉赫曼）

这段音频由人工智能工具生成。

新加坡：根据周五（10月23日）公布的官方数据，新加坡9月份核心通胀率同比降至2%，低于8月份的2.2%。

新加坡金融管理局 (MAS) 和能源、贸易及工业部 (METI) 在一份联合新闻稿中表示，这是由于服务业、零售业和其他商品以及私人交通运输的通胀率较低所致。

9 月份，剔除住宿和私人交通费用的核心价格环比上涨 0.1%。

受核心通胀和私人交通通胀下降的影响，9月份以消费者价格指数（所有项目）衡量的总体通胀率同比从8月份的2.3%降至2.2%。

CNA游戏 猜词游戏 逐行破解单词 流行词游戏 用给定的字母组成单词 迷你数独 小谜题，脑力挑战 迷你填字游戏 小方格，大挑战 单词搜索 尽可能多地找出单词 显示更多 显示更少 9月份，总体通胀率（不包括购房、股票和其他金融资产以及所得税等非消费支出）环比上涨0.2%。 行业 周五公布的官方数据显示，由于点对点运输服务成本涨幅收窄和电信服务价格降幅增大，9月份服务业通胀率从8月份的2%降至1.7%。由于家具价格下降和服装价格涨幅放缓，9月份零售和其他商品通胀率也从8月份的1.8%降至1.2%。由于汽车价格涨幅趋于平缓，9月份私人交通通胀率也从8月份的7.5%降至7.1%。电力和天然气价格通胀率维持在8.7%不变，9月份和8月份的价格涨幅相近。新加坡金融管理局（MAS）和经济产业省（METI）指出，每个季度的管制电价主要依据上一季度前两个半月的平均天然气价格以及其他因素来设定。当局表示：“2026年第三季度管制电价的上涨是由于2026年4月至6月中旬全球能源价格飙升所致。” 住宿价格通胀率从8月份的0.8%小幅上升至9月份的0.9%，其中房屋租金涨幅加快。由于生鲜食品和餐饮服务价格均上涨，食品价格通胀率也从8月份的2.3%上升至9月份的2.4%。

9 月份，总体通胀率（不包括房屋、股票和其他金融资产购买以及所得税等非消费支出）环比上涨 0.2%。

周五公布的官方数据显示，由于点对点运输服务成本涨幅缩小和电信服务价格降幅增大，9月份服务业通胀率从8月份的2%降至1.7%。

9月份零售和其他商品通胀率也从8月份的1.8%放缓至1.2%，原因是家具价格下降，服装价格上涨速度放缓。

由于汽车价格上涨速度放缓，9 月份私人交通通胀率也从 8 月份的 7.5% 降至 7.1%。

电力和天然气价格通胀率维持在 8.7% 不变，9 月份和 8 月份的价格上涨速度相近。

新加坡金融管理局和经济产业省指出，每个季度的管制电价主要根据上一季度前两个半月的平均天然气价格以及其他因素来确定。

当局表示：“2026 年第三季度监管电价上涨是由于 2026 年 4 月至 6 月中旬全球能源价格飙升所致。”

9月份住宿价格通胀率从8月份的0.8%小幅上升至0.9%，其中住房租金上涨速度更快。

由于生鲜食品和餐饮服务价格上涨，9 月份食品通胀率也从 8 月份的 2.3% 升至 2.4%。

当局表示，新加坡短期内仍将面临进口成本压力。

新加坡金融管理局和经济产业省表示：“能源商品价格再次上涨，预计短期内将保持高位。”

“由于投入成本上升和不利天气模式影响粮食生产，预计全球和区域粮食价格也将上涨。”

但当局补充说，随着暂时性供应中断的影响逐渐消退，进口通胀在2027年应该会有所缓解。

新加坡金融管理局和经济产业省表示，国内方面，价格压力可能保持温和，服务业单位劳动力成本预计将在生产率持续提高的背景下得到控制。

当局补充说，加大政府补贴力度，例如在医疗保健和教育方面的补贴，也将抑制服务价格上涨。

考虑到这些因素，预计未来几个季度核心通胀和整体通胀将保持略高水平，然后从 2027 年年中开始明显下降。

预计2026年核心通胀率平均在1.5%至2%之间，与新加坡金融管理局（MAS）的全年预测区间一致。预计2027年核心通胀率平均也将在1.5%至2.5%之间。

预计2026年整体通胀率约为2%，2027年为1.5%至2.5%。

“通胀风险依然偏向上行。全球能源或食品价格若持续大幅上涨，可能会使新加坡的进口成本上升幅度超过预期，”新加坡金融管理局和经济产业省表示。

当局补充说，如果人工智能相关繁荣带来的溢出效应扩大，单位劳动力成本上涨速度加快，国内通胀也可能继续居高不下。

“然而，高于预期的全球利率或人工智能相关投资的回落可能会拖累经济增长，从而导致通货膨胀，”新加坡金融管理局和经济产业省表示。

“中东地区的能源生产和运输也可能比预期更快恢复，从而导致能源价格更大幅度的下降。”

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