Singapore (VNA) – Inflation in Singapore picked up in March 2026, driven mainly by rising fuel and retail prices amid geopolitical tensions.
According to a joint statement released on April 23 by the Monetary Authority of Singapore and the Ministry of Trade and Industry Singapore, overall inflation rose to 1.8% year-on-year, up from 1.2% in February.
Core inflation, which excludes accommodation and private transport to better reflect household expenses, edged up to 1.7% from 1.4%. The increase was largely driven by private transport costs, where inflation surged from 2.4% to 6.6% as fuel prices climbed amid tensions involving Iran, pushing global energy prices higher.
Retail and other goods inflation also accelerated to 1.8% from 0.6%, mainly due to higher prices of alcohol, tobacco, clothing and footwear. Services inflation inched up to 2.1% from 2%, reflecting rising point-to-point transport and telecommunications costs.
Meanwhile, food inflation remained unchanged at 0.6%, while electricity and gas prices fell 4.3% year-on-year. However, authorities warned that electricity prices are likely to rise again from the second quarter of 2026, as tariffs adjust to movements in global gas prices.
Earlier, on April 14, MAS raised its 2026 inflation forecasts for both overall and core inflation to 1.5–2.5%, up from the previous 1–2% range, amid rising oil and gas prices linked to Middle East tensions./.
