Singapore's Inflation Accelerates to 1.8% in March Amid Rising Petrol and Retail Prices

Gate News message, April 23 — Singapore’s consumer price inflation climbed to 1.8% year-on-year in March, up from 1.2% in February, driven by higher petrol prices, retail goods, and services costs, according to official data released by the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI).

Core inflation, which excludes private transport and accommodation, rose to 1.7% from 1.4%. Private transport inflation surged to 6.6% in March from 2.4% in February due to increased petrol prices. Retail and other goods inflation jumped to 1.8% from 0.6%, primarily from higher alcohol, tobacco, clothing, and footwear prices. Services inflation edged up to 2.1% from 2.0%, driven by higher point-to-point transport and telecommunication costs. Food inflation remained flat at 0.6%, while electricity and gas prices continued to decline at 4.3%, and accommodation costs held steady at 0.3%.

On April 14, MAS raised Singapore’s 2026 inflation forecasts to an average of 1.5% to 2.5%, up from the earlier projection of 1% to 2%, citing soaring oil and natural gas prices from the Iran war. The central bank tightened its monetary policy stance and allowed the Singapore dollar to strengthen to help dampen import costs. MAS noted that recent global energy price increases will be reflected in the regulated electricity tariff starting in the second quarter of 2026.