Singapore Inflation Hits Four-Year Low as Core Rate Falls to 0.6%

The Monetary Authority of Singapore forecasts inflation to remain subdued in 2025, with GDP growth expected to slow.

Singapore's core inflation dropped to 0.6% year-on-year in February 2025, its lowest level since March 2021, driven by slower price increases across key consumer categories.
Headline inflation eased to 0.9% in February, down from 1.2% in January, reflecting moderated private transport costs and lower energy prices.
The Monetary Authority of Singapore (MAS) projects core inflation to average between 1% and 2% for 2025, with headline inflation forecast at 1.5%-2.5%.
GDP growth is expected to slow to 1%-3% in 2025, compared to 4.4% in 2024, as global uncertainties weigh on economic activity.
Enhanced government subsidies and moderate imported inflation, supported by favorable global supply conditions, are expected to keep inflationary pressures in check.