Consumer Price Developments in November 2025

Summary

• MAS Core Inflation held steady at 1.2% year-on-year (y-o-y) in November, unchanged from October.

  • This was because higher services inflation was offset by lower retail & other goods inflation and a steeper decline in the cost of electricity & gas.

  • On a month-on-month (m-o-m) basis, core prices edged down by 0.1% in November.

• CPI-All Items inflation came in at 1.2% y-o-y in November, unchanged from October.

  • This mainly reflected accommodation and core inflation remaining unchanged.

  • On a m-o-m basis, CPI-All Items prices rose by 0.2% in November.

Download the full press release here [PDF, 323KB]

MONETARY AUTHORITY OF SINGAPORE
MINISTRY OF TRADE AND INDUSTRY
23 DECEMBER 2025