Singapore inflation rate this month: headline and MAS Core

From SingStat’s CPI tables (2024 = 100), published 23 Oct 2026; we read them at 5:25 pm, 31 Oct SGT. Over the 10 years to September 2026, prices rose 2.0% a year on average (core 1.9%).

Next figures: October’s, on Mon 23 Nov 2026 (SingStat’s release calendar). Dates, and email me when they are out

Your money against inflation today

After inflation = (1 + rate) ÷ (1 + inflation) − 1. 3 of the 7 options here pay more than the last 12 months’ inflation of 2.2%. The rates are today’s from our trackers (each links to its page), and T-bill and CPF rates can change; inflation is what prices did over the last year, and MAS’s forecast is for the average over next year, so neither is a promise of what your money will be worth. CPF money is CPF savings, not cash. No option here is labelled best: they differ in how you get your money back.

Headline or core: which rate should you use?

For your own costs and your savings, use headline: 2.2% in September. To follow what MAS may do next, use core: 2.0%.

For	Headline (2.2%)	MAS Core (2.0%)
The cost of everything you buy, your rent or home and car included	✓	–
What MAS looks at when it sets monetary policy	–	✓
Whether your savings or pay rise beat prices	✓	–
A steadier rate from month to month (in the last 10 years, it moved 0.21 points a month on average, against 0.28 for headline)	–	✓

MAS leaves accommodation and private transport out of core because they “tend to be significantly influenced by supply-side administrative policies and are volatile” (MAS, Consumer Price Developments, annex). Together they are 3,562 of every 10,000 in the basket. Accommodation counts the rent homeowners would pay for their own home, not home prices or loan repayments, so it moves with rents. Swing worked out by us from SingStat’s monthly rates.

Your own inflation, in three questions

Your homeHDB 4-room flatHDB 3-room flatHDB 5-room or Executive flatHDB 1- or 2-room flatCondo or other apartmentLanded houseRetired household, everyone 65 or overAverage household (SingStat’s basket)

Own or rent

Own Rent

Car or motorcycle

Yes No

2.2% for HDB 4-room flat, own, no car, children in school, against headline 2.2%

See why, and put in your own spending →

What moved inflation this month

Of the 2.2% rise in prices over the year to September 2026, private transport added the most, 0.66 points, with prices up 7.1%. Accommodation and private transport, which MAS Core leaves out, added 0.90 points together.

• Private transport0.66
• Services0.53
• Food0.49
• Accommodation0.24
• Electricity and gas0.16
• Retail and other goods0.13

Points by category, the last 12 months

Month	Food	Services	Retail and other goods	Electricity and gas	Private transport	Accommodation	Headline
Sep 2026	0.49	0.53	0.13	0.16	0.66	0.24	2.2%
Aug 2026	0.46	0.63	0.19	0.16	0.69	0.22	2.3%
Jul 2026	0.46	0.54	0.15	0.16	0.74	0.20	2.2%
Jun 2026	0.44	0.48	0.17	−0.06	0.77	0.15	1.9%
May 2026	0.37	0.42	0.17	−0.06	0.79	0.13	1.8%
Apr 2026	0.34	0.48	0.15	−0.06	0.74	0.11	1.8%
Mar 2026	0.32	0.67	0.19	−0.08	0.60	0.09	1.8%
Feb 2026	0.33	0.62	0.06	−0.08	0.22	0.09	1.2%
Jan 2026	0.24	0.47	0.05	−0.08	0.25	0.51	1.4%
Dec 2025	0.25	0.62	0.00	−0.08	0.33	0.07	1.2%
Nov 2025	0.25	0.60	0.04	−0.08	0.31	0.08	1.2%
Oct 2025	0.24	0.57	0.05	−0.08	0.35	0.08	1.2%

Percentage points of the headline rate; the headline is SingStat’s, to one decimal.

Category rates from SingStat’s tables M213781 (food, accommodation, private transport) and M213891 (services, retail and other goods, electricity and gas, MAS Core), the categories MAS uses in its monthly Consumer Price Developments with the Ministry of Energy, Trade and Industry, which also explains each month’s moves in words.

Two of these categories have their own trackers here: petrol is part of private transport, and our petrol page has today’s pump prices; electricity and gas includes household electricity, and our electricity page has SP Group’s tariff for this quarter.

When the next figures come out

1. Mon 23 Nov 2026 SingStat releases October’s CPI, with MAS’s account of what moved it. Add to my calendar
2. Wed 23 Dec 2026 SingStat releases November’s CPI, with MAS’s account of what moved it.
3. Mon 25 Jan 2027 SingStat releases inflation by household income group for July to December 2026.
4. Mon 25 Jan 2027 SingStat releases December’s CPI, with MAS’s account of what moved it.
5. Fri 29 Jan 2027 By this day: MAS’s January 2027 Monetary Policy Statement, with its forecasts for the year (“not later than”, MAS’s calendar).
6. Fri 23 Jul 2027 SingStat releases inflation by household income group for January to June 2027.

From SingStat’s advance release calendar, which the job reads with the figures, and MAS’s release calendar. In 2026 SingStat released each month’s CPI between the 23rd and the 25th of the month after.

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MAS’s forecasts, and what it did

So far in 2026 (January to September), core inflation averages 1.7%, inside MAS’s latest forecast of 1.5%–2.0% for the year, and headline 1.9%, against MAS’s around 2.0%.

For 2027, MAS forecasts core at 1.5%–2.5% and headline at 1.5%–2.5% (statement of 14 Oct 2026).

What MAS did on 14 Oct 2026: “MAS will therefore maintain the rate of appreciation of the policy band. There will be no change to the width of the band and the level at which it is centred.” “Unlike most central banks which target interest rates”, MAS steers the Singapore dollar against a basket of currencies (the S$NEER), because the exchange rate “has a much stronger influence on inflation than the interest rate” here (MAS). Next statement: January 2027, by 29 Jan 2027 (MAS’s release calendar).

Forecasts are MAS’s own, for the average over the calendar year, from each Monetary Policy Statement (linked); the October 2025 figures are as the January 2026 statement states them. The year so far is ours, worked out SingStat’s way: the average index for the months so far against the same months a year before. Checked 29 Oct 2026.

Singapore inflation since 1991

Headline (CPI-All Items) MAS Core

3 years10 yearsSince 1991

Tap or hover on the chart to read a month.

0%1%2%3%4%5%

202420252026

Every year since 1962

Tap or hover on a bar to read a year.

−5%0%5%10%15%20%25%

197019801990200020102020

The highest year was 1974, at 22.4%; the lowest 1976, at −1.9%. Prices fell over the year in 8 years: 1969, 1976, 1986, 1998, 2002, 2015, 2016, 2020. In 2025, 0.9%.

Every year, 1962 to 2025

Year	Inflation	CPI (2024 = 100)
2025	0.9%	100.903
2024	2.4%	100.000
2023	4.8%	97.666
2022	6.1%	93.163
2021	2.3%	87.781
2020	−0.2%	85.794
2019	0.6%	85.942
2018	0.4%	85.457
2017	0.6%	85.084
2016	−0.5%	84.596
2015	−0.5%	85.046
2014	1.0%	85.493
2013	2.4%	84.618
2012	4.6%	82.664
2011	5.3%	79.043
2010	2.8%	75.099
2009	0.6%	73.033
2008	6.6%	72.606
2007	2.1%	68.088
2006	1.0%	66.681
2005	0.5%	66.043
2004	1.7%	65.732
2003	0.5%	64.651
2002	−0.4%	64.337
2001	1.0%	64.590
2000	1.3%	63.942
1999	0.0%	63.091
1998	−0.3%	63.076
1997	2.0%	63.248
1996	1.4%	61.994
1995	1.7%	61.150
1994	3.1%	60.114
1993	2.3%	58.309
1992	2.2%	57.003
1991	3.4%	55.752
1990	3.5%	53.898
1989	2.3%	52.100
1988	1.5%	50.932
1987	0.5%	50.168
1986	−1.4%	49.926
1985	0.5%	50.626
1984	2.6%	50.378
1983	1.0%	49.100
1982	3.9%	48.595
1981	8.2%	46.763
1980	8.5%	43.223
1979	4.0%	39.822
1978	4.1%	38.289
1977	3.2%	36.793
1976	−1.9%	35.657
1975	2.6%	36.346
1974	22.4%	35.433
1973	19.6%	28.957
1972	2.1%	24.208
1971	1.9%	23.700
1970	0.3%	23.263
1969	−0.1%	23.196
1968	0.7%	23.223
1967	3.2%	23.057
1966	2.0%	22.345
1965	0.2%	21.902
1964	1.6%	21.848
1963	2.1%	21.494
1962	0.4%	21.046

A year’s rate compares the average of its 12 monthly indices with the year before’s (SingStat’s method); the decade averages are ours, worked out from SingStat’s annual index. Every year’s rate here is SingStat’s own (table M213811, updated 23 Jan 2026), and our check of each against the annual index matches all 64. Monthly figures: download the CSV; what any sum of money from a past year is worth now: the inflation calculator.

Inflation by household income

In January to June 2026, prices rose 1.2% for the lowest-income 20% of households, 1.8% for the middle 60% and 1.6% for the highest 20%, against 1.7% for all households. Each group has its own basket, weighted by what it spends (the table below).

SingStat, CPI by household income group (tables M213881, M214001, M214011, M214021), % on the same half-year a year before. SingStat publishes these twice a year; the next, for July to December 2026, on 25 Jan 2027.

What is in the CPI

Of every $100 that households spend, the CPI counts $29.38 on housing and utilities, $20.42 on food and $13.07 on transport. Households in the lowest 20% by income put more into food ($22.62) and housing ($32.56), and less into transport ($8.75), than the highest 20% ($17.42, $29.87 and $16.42).

Weights are SingStat’s, per 10,000, shown here as %: all households from its September 2026 release (Table 1), the income groups from its January to June 2026 release by income group. They come from the Household Expenditure Survey (HES) 2023, updated to 2024 values, cover about 6,800 brands and varieties priced at about 4,500 outlets, and change when SingStat rebases the CPI. The CPI covers what resident households spend on consumption; it leaves out buying a home, loan repayments, shares and income tax. Checked 29 Oct 2026.

Why your own inflation can feel different

• Your basket isn’t the average one. The CPI weights each kind of spending by what resident households spend on it as a whole. If you drive, rent, have children in school or eat out most days, your mix is different, and so is your rate: the weights above show the average, and how they differ by income. The personal inflation calculator works out your own rate from what you spend.
• The prices you pay often are the ones you notice. A rise in meals or fares is felt every week; a fall in phone plans or holiday prices is easier to miss. The categories above show both.
• Homeowners’ housing is counted as rent. The CPI counts the rent a homeowner would pay for their own home, not home prices or loan repayments: in SingStat’s words, a home’s price “has a high investment component and is treated as a capital good”. A rise in flat prices or your mortgage rate doesn’t show up in the CPI; a rise in rents does.
• A COE or a petrol rise moves headline, not core. Private transport is in headline inflation and out of MAS Core. If you don’t drive, core can be closer to your own costs on that score, but it leaves out housing too.
• A year-on-year rate is about the last 12 months. Prices that rose a lot two years ago and then stayed high no longer add to this year’s rate, even though you still pay them. The inflation calculator shows the change over any number of years.

How the CPI is built, what it leaves out and how housing is counted: SingStat’s and MAS’s release notes, linked under What is in the CPI and How we get these numbers.

Common mistakes about inflation

• “Inflation fell, so prices are falling.” A lower rate means prices are rising more slowly, not falling. Prices fall only when the rate is below zero, as it was over the whole year in 2015, 2016 and 2020, most recently (every year).
• “Core inflation is the real figure.” Both are real. Core is what MAS uses to judge underlying price pressure; headline is what households pay on average, housing and cars included.
• “The inflation rate is MAS’s figure.” SingStat compiles the CPI and publishes it; MAS and the Ministry of Energy, Trade and Industry publish their account of it the same day. MAS Core is the measure MAS monitors, and SingStat publishes it in the same tables.
• “A 2% savings rate beats 2% inflation.” It only keeps up: after inflation, it earns about nothing. The table at the top works out each option after inflation.
• “MAS raises interest rates to fight inflation.” Not in Singapore. “Unlike most central banks which target interest rates”, MAS steers the Singapore dollar against a basket of currencies, because here “the exchange rate has a much stronger influence on inflation than the interest rate” (MAS). What it did last is above.

Questions people ask

How we get these numbers

• A job reads SingStat’s Table Builder twice a day (9:25 am and 5:25 pm), and every 15 minutes from noon to 6:45 pm on the 22nd to the 26th of each month, when SingStat releases the CPI (its release calendar gives the dates; the job reads that too). Tables: monthly CPI M213751, SingStat’s own year-on-year rates M213781, MAS Core and the categories M213891, the annual CPI M213801 and rates M213811, and the income-group tables. A month is refused unless All Items, core and every category have it and the headline is between −5% and 15%; the page then keeps the last good read and says when it was.
• Every rate on this page is SingStat’s own, as published to one decimal. We also work each one out from the indices and check it matches: 2904 of 2904 monthly rates do.
• Ours, worked out from SingStat’s numbers and shown with the method: each category’s points of the headline (weights × index change), the 10-year and decade averages (compound, from the index), the year so far (SingStat’s method), the month-to-month swing, and after-inflation returns ((1 + rate) ÷ (1 + inflation) − 1). The savings rates come from our own trackers, each read from MAS, CPF Board or the bank.
• Hand-kept, from MAS and SingStat and checked on 29 Oct 2026: MAS’s forecasts and decision, and the weights. Re-checks are on our update schedule, after each Monetary Policy Statement and each income-group release.
• From the next release, we note here when we first read the new month’s figures.
• SingStat’s data are under the Singapore Open Data Licence: “Contains information from Consumer Price Index accessed on 31 Oct 2026 from SingStat Table Builder, which is made available under the terms of the Singapore Open Data Licence version 1.0.” We quote MAS only where its exact words matter. Numbers.sg is not connected to SingStat, MAS or any bank, no one pays us, and this page has no affiliate links. The “your rate” box runs in your browser; nothing you type is sent anywhere. If you allow it, your browser keeps the month you last saw here (ns-cpi-seen) so the page can say what changed since; see our privacy page, disclaimer, how we get our numbers and corrections.

Changes to this page

1. 29 Oct 2026

   New: Singapore’s inflation rate every month, headline and MAS Core side by side, read from SingStat’s tables twice a day and every 15 minutes in release week. Also: which categories moved it and by how many points, what T-bills, the Savings Bond, fixed deposits and CPF pay after inflation (and your own rate), which rate to use, MAS’s forecasts statement by statement and what it decided, inflation by household income, what is in the CPI, every year since 1962, every month since 1961 as a CSV, and the next release dates. Every rate shown is SingStat’s own, and our re-working matches all 2,904 monthly rates. See this month’s inflation rate