Consumer Price Developments in January 2026

Summary

• MAS Core Inflation fell to 1.0% year-on-year (y-o-y) in January, from 1.2% in December.

  • This was largely because of a moderation in services inflation.

  • On a month-on-month (m-o-m) basis, core prices fell by 0.3% in January.

• CPI-All Items inflation rose to 1.4% y-o-y in January, from 1.2% in December.

  • This was due to higher accommodation inflation that more than offset lower core and private transport inflation.

  • On a m-o-m basis, CPI-All Items declined by 0.5% in January.

Download the full press release here [PDF, 324KB]

MONETARY AUTHORITY OF SINGAPORE
MINISTRY OF TRADE AND INDUSTRY
23 FEBRUARY 2026