Summary

• MAS Core Inflation increased to 0.7% on a year-on-year (y-o-y) basis in April, from 0.5% in March.
  • This was driven by higher inflation in services and food, which more than offset lower retail & other goods inflation.
  • On a month-on-month (m-o-m) basis, core CPI rose by 0.5%.

• CPI-All Items inflation came in at 0.9% y-o-y in April, unchanged from March.
  • This was due to lower accommodation and private transport inflation offsetting the rise in core inflation.
  • On a m-o-m basis, CPI-All Items decreased by 0.3%.

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MONETARY AUTHORITY OF SINGAPORE

MINISTRY OF TRADE AND INDUSTRY

23 MAY 2025