Singapore’s core inflation eases to 2% in September

Singapore’s core inflation fell in September due to lower inflation in services, retail and other goods, and private transport.

ST PHOTO: LIM YAOHUI

Published Oct 23, 2026, 01:07 PM

Updated Oct 23, 2026, 03:03 PM

SINGAPORE – Singapore’s core inflation dropped in September, due to lower core inflation and private transport inflation.

Core inflation – which excludes private transport and accommodation to better reflect household expenses – eased to 2%, down from 2.2% in August, according to data from the Singapore Department of Statistics on October 23.

Overall inflation fell to 2.2% in September from 2.3% in the previous month owing to lower inflation in services, retail and other goods, and private transport.

DBS senior economist Chua Han Teng wrote in an Oct 23 note that the data for September suggests “initial fears of a significant acceleration in inflationary pressures have not really played out”.

Referring to the Monetary Authority of Singapore’s Oct 14 decisions to narrow its 2026 inflation forecast ranges and leave its exchange-rate-based monetary policy unchanged, Chua said t he authorities expect underlying price pressures to remain slightly elevated in the immediate future, before moderating discernibly from mid-2027.

“This suggests that policymakers see core inflation as nearing its cyclical peak, as imported cost pressures and commodity supply disruptions ease in the second half of 2027 alongside muted domestically driven price pressures,” he wrote.

Private transport inflation slowed to 7.1%, down from 7.5% in August and 8% in July, due to a more gradual increase in car prices.

Meanwhile, accommodation inflation went up to 0.9% in September from August’s 0.8% as housing rents increased at a faster pace.

Services inflation dropped to 1.7%, from 2% 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 dropped to 1.2% in September from the previous month’s 1.8%, as furniture prices declined and clothing prices rose at a slower pace.

Food inflation increased slightly to 2.4%, from 2.3% in August and from 2.2% in July, due to higher inflation in both non-cooked food and food services.

Electricity and gas prices inflation remained unchanged at 8.7% for September, as electricity prices rose at a similar pace as in August.

Mr Zavier Wong, market analyst at trading and investing platform eToro, said the cooling of goods and services can be read two ways: “Either businesses have little room left to raise prices, or shoppers are pushing back on higher prices.”

Wong said it is likely the latter, as the 17% jump in electricity tariffs from July left households with less to spend in the shops, and retail trade was the one part of its sector group that did not expand in the third quarter of 2026.

“Furniture prices fell in September, and clothing prices rose more slowly. The oil shock has inevitably pushed up retailers’ costs, and shoppers holding back simply adds to the strain,” said Wong.

“It’s a double whammy for margins we’re seeing, and with Brent now back above US$110, the pressure to raise prices is only going to build from here.”

Alyssa Woo is a business correspondent at The Straits Times. She writes about how retail and work spaces are used and evolve with the times, as well as personal finance stories for the Invest section.

Inflation/Price level

Singapore economic data

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下降，新加坡9月份的核心通胀率有所下降。

ST 照片：林耀辉

发布于 2026 年 10 月 23 日下午 1:07

更新于2026年10月23日下午3:03

新加坡——由于核心通胀率和私人交通通胀率下降，新加坡9月份核心通胀率有所下降。

根据新加坡统计局 10 月 23 日公布的数据，剔除私人交通和住宿费用以更好地反映家庭支出的核心通胀率降至 2%，低于 8 月份的 2.2%。

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下降，9 月份整体通胀率从上月的 2.3% 降至 2.2%。

星展银行高级经济学家蔡汉腾在 10 月 23 日的一份报告中写道，9 月份的数据显示“最初对通胀压力大幅加速的担忧并没有真正发生”。

蔡先生在谈到新加坡金融管理局10月14日决定缩小2026年通胀预测区间并维持其基于汇率的货币政策不变时表示，当局预计潜在的价格压力在短期内仍将略高，然后从2027年中期开始明显缓和。

他写道：“这表明，随着进口成本压力和商品供应中断在 2027 年下半年有所缓解，以及国内价格压力趋于温和，政策制定者认为核心通胀已接近其周期性峰值。”

由于汽车价格上涨速度放缓，私人交通通胀率降至 7.1%，低于 8 月份的 7.5% 和 7 月份的 8%。

与此同时，由于住房租金上涨速度加快，9 月份住宿价格通胀率从 8 月份的 0.8% 升至 0.9%。

由于点对点运输服务成本涨幅缩小以及电信服务价格降幅增大，服务业通胀率从 8 月份的 2% 降至 1.7%。

9月份零售及其他商品通胀率从上月的1.8%降至1.2%，原因是家具价格下降，服装价格上涨速度放缓。

由于生鲜食品和餐饮服务价格上涨，食品价格通胀率小幅上升至 2.4%，高于 8 月份的 2.3% 和 7 月份的 2.2%。

9月份电力和天然气价格通胀率维持在8.7%不变，其中电力价格上涨速度与8月份相似。

交易和投资平台 eToro 的市场分析师 Zavier Wong 表示，商品和服务降温可以从两个方面解读：“要么是企业几乎没有提价空间，要么是消费者正在抵制更高的价格。”

黄先生表示，很可能是后者，因为7月份电价上涨了17%，导致家庭在商店的消费能力下降，而零售贸易是其行业组中唯一在2026年第三季度没有扩张的部分。

黄先生表示：“9月份家具价格下跌，服装价格上涨速度放缓。石油危机不可避免地推高了零售商的成本，而消费者的观望态度只会加剧他们的压力。”

“这对利润率来说是双重打击，而且布伦特原油价格现在又回到了每桶110美元以上，提价的压力只会越来越大。”

Alyssa Woo是《海峡时报》的商业记者。她撰写有关零售和办公空间如何随着时代发展而演变的文章，也为投资版块撰写个人理财方面的文章。

通货膨胀/物价水平

新加坡经济数据