Core inflation in Singapore means MAS Core Inflation — the change in consumer prices excluding accommodation and private transport, which MAS monitors as the measure of generalised and persistent price pressure.
Key takeaways
- MAS Core Inflation covers Food, Electricity & Gas, Services, and Retail & Other Goods, and excludes the Accommodation and Private Transport components of the CPI.
- Those two components are left out because they tend to be shaped by supply-side administrative policies and are volatile.
- The core measure still covers most of the basket — 6,438 of the CPI’s 10,000 weight points in the 2024-based series.
- MAS Core Inflation was 1.6% year-on-year in June 2026, up from 1.4% in May, while CPI-All Items inflation was 1.9%.
- MAS forecast MAS Core Inflation at 1.5-2.5% for 2026 in its July 2026 Monetary Policy Statement.
Why MAS strips out two components
Accommodation costs are dominated by imputed and actual rentals, and private transport by Certificate of Entitlement premiums and fuel — both move sharply and both respond to administrative policy rather than to underlying demand. Removing them leaves a measure that is meant to capture generalised and persistent price changes driven by demand conditions, which is what monetary policy can act on.
How core and headline differ in practice
- June 2026 — MAS Core Inflation 1.6% year-on-year, CPI-All Items inflation 1.9%
- May 2026 — MAS Core Inflation 1.4%, CPI-All Items inflation 1.8%
The gap between the two is the contribution of accommodation and private transport. Core can sit above headline as well as below it, depending on which way those components are moving.
Where the number is published
MAS publishes MAS Core Inflation on the 23rd of each month following the reference month, or the next working day, alongside the joint MAS and Ministry of Trade and Industry release on consumer price developments. The underlying CPI components come from SingStat.
Key core inflation figures
| Item | Figure |
|---|---|
| MAS Core Inflation (June 2026) | 1.6% year-on-year |
| CPI-All Items inflation (June 2026) | 1.9% year-on-year |
| Weight of the core measure in the CPI basket | 6,438 of 10,000 |
| Excluded components | Accommodation, Private Transport |
| MAS 2026 forecast (July 2026 MPS) | 1.5-2.5% |
Figures as at 2026. Source: MAS.
Worked example
In June 2026 CPI-All Items inflation was 1.9% year-on-year while MAS Core Inflation was 1.6%. The 0.3 percentage point gap came from accommodation and private transport, the two components the core measure sets aside.
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This page is provided for educational and informational purposes only. It does not constitute financial advice. All figures and worked examples are estimates for illustrative purposes, are subject to change, and do not reflect any individual’s circumstances. Always refer to MAS and SingStat and seek independent professional advice before making any financial decisions.