Singapore inflation climbs at the slowest rate since February 2021

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Singapore inflation climbs at the slowest rate since February 2021

Buildings in Singapore, on Monday, Feb. 17, 2025. 

Bloomberg | Bloomberg | Getty Images

Singapore’s inflation climbed by its lowest rate since February 2021, increasing 1.2% year on year in January, down from 1.6% in December.

This is the first key piece of economic data since Singapore unveiled its 2025 budget on Feb. 18, which promised more support for households and businesses to combat cost of living pressures.

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Prime Minister Lawrence Wong said, “While inflation is expected to ease further this year, prices remain high. Singaporeans are still adjusting to these new price realities.”

The headline inflation figure is a wide miss from the 2.15% rise expected by economists polled by Reuters.

Core inflation in the country — which, strips out prices of private transport and accommodation — rose by 0.8% year on year, down from December’s 1.8% rise and below the 1.5% growth expected.

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