Core inflation · Singapore
Singapore Core Inflation Rate YoY
The Singapore Core Inflation Rate YoY measures the rise in consumer prices in Singapore without the most volatile items, usually food and energy (definitions vary by country).
- Importance
- Medium
- Released
- Monthly
- Next release
- Currency
- SGD · Singapore dollar
- Central bank
- The Monetary Authority of Singapore
Latest figures
The latest release for SEP, published on 23 October 2026, came in at 2%, below the consensus of 2.3%, down from 2.2% the time before.
A lower figure than expected gives the Monetary Authority of Singapore room to cut or hold rates lower: the Singapore dollar tends to soften and bond yields to fall.
Over the last 12 releases it ranged from 0.4% to 2.2%, averaging 1.4%.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 23 Oct 2026 | SEP | 2% | 2.3% | 2.2% |
| 23 Sep 2026 | AUG | 2.2% | 2.2% | 2% |
| 24 Aug 2026 | JUL | 2% | – | 1.6% |
| 23 Jun 2026 | MAY | 1.4% | 1.6% | 1.4% |
| 25 May 2026 | APR | 1.4% | 1.7% | 1.7% |
| 23 Apr 2026 | MAR | 1.7% | – | 1.4% |
| 23 Mar 2026 | FEB | 1.4% | – | 1% |
| 23 Feb 2026 | JAN | 1% | – | 1.2% |
| 23 Jan 2026 | DEC | 1.2% | – | 1.2% |
| 23 Dec 2025 | NOV | 1.2% | 1.2% | 1.2% |
| 24 Nov 2025 | OCT | 1.2% | – | 0.4% |
| 23 Oct 2025 | SEP | 0.4% | 0.2% | 0.3% |
Why it matters
Food and energy prices jump with harvests and oil, then fall back. The core rate shows the underlying trend that the Monetary Authority of Singapore can actually influence, so it often moves markets more than the headline. Services inflation, driven by wages, is the stickiest part.
How it is calculated
the Department of Statistics (SingStat) takes the consumer price index basket, removes the excluded items and re-weights the rest; the change is measured month on month and against the same month a year earlier.
Core inflation (yoy) = core index ÷ core index 12 months ago − 1What changes mean
- A core rate falling towards the target lets the Monetary Authority of Singapore ease; a stubborn core keeps rates high.
- Monthly core changes of 0.2% compound to about 2.4% a year; 0.3% to about 3.7%.
- Markets compare the figure with the consensus to one decimal; a 0.1-point surprise moves currencies.
Higher than expected: A higher figure than expected makes the Monetary Authority of Singapore more likely to keep rates high or raise them: it tends to support the Singapore dollar and push bond yields up, and is often a weight on stocks.
Lower than expected: A lower figure than expected gives the Monetary Authority of Singapore room to cut or hold rates lower: the Singapore dollar tends to soften and bond yields to fall.
A short history
Economists Robert Gordon and others popularised excluding food and energy in the 1970s, when oil shocks made the headline rate misleading; most central banks now publish or watch a core measure.
MAS steers the Singapore dollar's exchange rate rather than an interest rate.
Questions
What is the Singapore Core Inflation Rate YoY?
The Singapore Core Inflation Rate YoY measures the rise in consumer prices in Singapore without the most volatile items, usually food and energy (definitions vary by country).
What was the latest Singapore Core Inflation Rate YoY?
2% for SEP, published on 23 October 2026 (consensus 2.3%, previous 2.2%).
When is the next Singapore Core Inflation Rate YoY?
On Tuesday 24 November 2026 at 05:00 UTC.
Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.