Singapore's Core Inflation Drops to 0.8% in January, Lowest Since 2021

Core and headline inflation rates fell significantly, with January's figures below economists' forecasts, reflecting easing price pressures across key sectors.

• Singapore's core inflation rate decreased to 0.8% year-on-year in January, down from 1.7% in December, marking its lowest level since June 2021.
• Headline inflation also dropped to 1.2% in January from a revised 1.5% in December, falling short of economists' prediction of 2.15%.
• Key drivers of the decline include slower increases in food and accommodation costs, as well as a sharp drop in electricity and gas prices.
• Private transport inflation rose to 2.8% in January, reversing a decline in December, due to higher car prices.
• The Monetary Authority of Singapore and Ministry of Trade and Industry expect core inflation to average 1.0% to 2.0% in 2025, with overall inflation projected at 1.5% to 2.5%.

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