Core inflation eases to 2% in September as retail costs cool

Telecommunication service prices fell by a larger margin.

Core inflation eased to 2% year-on-year (YoY) in September, from 2.2% in August, as services and retail prices eased, the Monetary Authority of Singapore (MAS) reported.

On a month-on-month basis, core prices rose by 0.1% in September, whilst the all-items consumer price index (CPI) eased to 2.2% from 2.3% in August.

Services inflation eased to 1.7% YoY from 2% in August due to a smaller increase in point-to-point transport service costs and a larger decline in telecommunication service prices.

Retail and other goods inflation moderated to 1.2% from 1.8% as furniture prices declined and clothing prices rose at a slower pace.

Private transport inflation slipped to 7.1% from 7.5% due to a moderate increase in car prices.

Electricity and gas inflation held at 8.7%, whilst accommodation inflation edged up to 0.9% from 0.8% as housing rents increased at a faster pace.

Food inflation also rose to 2.4% from 2.3% due to higher inflation in both non-cooked food and food services.

MAS projected the core inflation to average 1.5-2.0% in 2026 and 1.5-2.5% in 2027. CPI-all items inflation is forecast at around 2.0% in 2026 and 1.5-2.5% in 2027.

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