Inflation is the rate at which the general level of consumer prices rises over time. Singapore measures it from the Consumer Price Index compiled by SingStat, and MAS reports two headline measures — CPI-All Items inflation and MAS Core Inflation.
Key takeaways
- CPI-All Items inflation was 1.9% year-on-year in June 2026, up from 1.8% in May 2026.
- MAS Core Inflation, which leaves out accommodation and private transport, was 1.6% year-on-year in June 2026.
- In its July 2026 Monetary Policy Statement, MAS kept its 2026 forecasts for both MAS Core Inflation and CPI-All Items inflation at 1.5-2.5%.
- For 2025 as a whole, CPI-All Items inflation averaged 0.9%, after 2.4% in 2024.
- MAS manages inflation through the Singapore dollar exchange rate — the S$NEER policy band — rather than through a policy interest rate.
How inflation is measured in Singapore
SingStat prices a fixed basket of goods and services bought by resident households and publishes the Consumer Price Index on the 23rd of each month. Year-on-year inflation compares the index for a month with the same month a year earlier; the annual rate compares the average of twelve monthly indices with the previous year’s average.
Two headline measures
- CPI-All Items inflation — the whole basket, including accommodation and private transport
- MAS Core Inflation — the same basket less accommodation and private transport, which MAS treats as volatile and shaped by administrative policy
In June 2026 the two stood at 1.9% and 1.6% year-on-year respectively.
What inflation does to money
When prices rise, a fixed sum buys less — its purchasing power falls. Interest and investment returns are therefore often restated in real terms, meaning after inflation has been taken out. Personal experience of inflation can differ from the published rate because each household buys a different mix of goods and services.
Key Singapore inflation figures
| Item | Figure |
|---|---|
| CPI-All Items inflation (June 2026) | 1.9% year-on-year |
| MAS Core Inflation (June 2026) | 1.6% year-on-year |
| MAS 2026 forecast — both measures (July 2026 MPS) | 1.5-2.5% |
| CPI-All Items inflation (2025 average) | 0.9% |
| CPI base year | 2024 = 100 |
Figures as at 2026. Source: MAS.
Worked example
At the June 2026 CPI-All Items rate of 1.9% year-on-year, a basket of goods and services that cost SGD 1,000 in June 2025 cost about SGD 1,019 in June 2026. A household whose spending is weighted differently from the CPI basket would see a different change.
Related terms
All Singapore glossary terms →Related calculator
See how a sum of money changes in value over time at a chosen Singapore inflation rate.
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.