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2026-05-25 13:07:20
[Singapore's inflation unexpectedly stabilized in April amid energy shock, with core inflation slowing] (1) Singapore's overall CPI rose 1.8% year-on-year in April, unchanged from March and lower than the market expectation of 2.0%; the core inflation rate (excluding private land transport and accommodation) slowed to 1.4%. Overall inflation fell 0.3% month-on-month. (2) Despite the energy shock triggered by the Middle East conflict, which pushed up prices of fertilizers and other commodities and brought food risks, the price increase did not accelerate. Nomura economists expect core inflation to rebound later, and the lagged effects of rising food prices and energy shock will gradually become apparent. (3) Singapore's economy has shown resilience, with first-quarter growth exceeding expectations. Officials maintained their annual growth forecast and believe that inflation is under control. However, rising business costs may squeeze profits and hiring in the coming quarters, and consumer demand may weaken due to increased living costs. (4) In terms of sub-items: transport rose 7.0% year-on-year, food rose 1.6%, and housing rose 0.2%; education fell 0.8%, and information and communication fell 0.9%.
