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Singapore’s core inflation rose more than expected in April 2025, signaling persistent price pressures in the economy. According to data released on Friday, core inflation—which excludes accommodation and private road transport costs—climbed 0.7% year-on-year, beating economists’ forecast of 0.5%.
The headline inflation rate also exceeded projections, reaching 0.9% annually, slightly higher than the anticipated 0.8%. The uptick reflects underlying inflationary momentum that may influence future monetary policy decisions by the Monetary Authority of Singapore (MAS).
Economists were surprised by the stronger-than-expected figures, which suggest that consumer prices are still under upward pressure, despite a generally stable economic environment. The higher core inflation reading points to increased costs in sectors such as food, services, and retail, which are closely monitored by policymakers.
This marks a deviation from recent months where inflation figures had shown signs of stabilizing. The unexpected rise in both core and headline inflation may prompt MAS to reassess its current policy stance as it balances growth and price stability.
Rising inflation could impact consumer spending and business margins, especially in a high-interest-rate environment. As global economic uncertainties persist, Singapore’s inflation trajectory will remain a key factor in shaping investor sentiment and policy direction.
With price pressures staying above expectations, market watchers will closely monitor upcoming data releases to gauge the longer-term inflation outlook in Singapore.
