Singapore – Singapore Consumer Price Developments – June 2025

Consumer price inflation in Singapore remains restrained and stable in June, according to the joint report from the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI).

• MAS Core Inflation, which excludes volatile costs such as private transport and accommodation, held steady at 0.6% yoy, and declined slightly by 0.1% on a monthly basis
• Headline inflation, covering all consumer prices, also remained at 0.8% yoy and dipped 0.1% on a monthly basis.

In June, core inflation stability was the result of higher retail and other goods prices being offset by lower costs in several other core expenditure categories. Headline inflation likewise stayed unchanged, as the rise in private transport costs was balanced by a fall in accommodation expenses, keeping overall price levels steady.

The persistent low and steady inflation environment is favourable for both consumers and policymakers, easing cost pressures and providing greater flexibility in economic planning. According to the MAS’s June survey of professional forecasters, economists have revised their 2025 projections down to 0.9% for headline inflation and 0.8% for core inflation, with nearly 60% expecting further monetary easing.

June’s readings were almost identical to those in May. Against a backdrop of global uncertainty and a cautious domestic economic outlook, MAS had already taken steps to ease monetary policy earlier in 2025 and may consider additional loosening should conditions require.

In summary, Singapore’s inflation remains below 1% for both headline and core measures. The slight month-on-month declines suggest mild disinflation, offering relief to households and supporting a more measured policy stance. While global risks such as geopolitical tensions and volatile oil prices remain on the radar, the prevailing trend points towards a bias for further easing rather than tightening.