Singapore core inflation held at 1.4% in May, missing forecasts
What's next: Economists expect MAS to keep policy unchanged in July even as officials warn energy costs could lift imported inflation.
Singapore’s core inflation was unchanged at 1.4% in May, below forecasts for a rise to 1.6%, as slower services price growth offset faster increases in food and retail goods. Headline inflation also held steady at 1.8%, missing expectations of 2%. The Monetary Authority of Singapore and the Ministry of Trade and Industry kept their full-year 2026 forecasts for both core and headline inflation at 1.5% to 2.5%. Officials warned that energy prices, while off recent highs, remain above 2025 levels and could feed through to production and transport costs for imported goods and services. Economists cited by The Business Times said the softer reading makes a July MAS policy hold more likely.