Singapore CPI Hits 1.4% in January, Highest Since November
Big-Picture Snapshot
- Headline CPI for January 2026: 1.4% YoY
- December 2025: 1.2% YoY
- November 2025: 1.2% YoY
- 12-month average (Feb 2025–Jan 2026): 0.91%
- Lowest in period: 0.5% (April, September 2025)
- Highest in period: 1.4% (January 2026)
Drivers This Month
- Transport: +0.22pp
- Food: +0.18pp
- Housing: +0.12pp
- Utilities: +0.07pp
- Recreation: +0.04pp
Policy Pulse
Headline inflation remains below the Monetary Authority of Singapore's 2%–3% target range. Core inflation, which excludes private transport and accommodation, is estimated to be below 2%[1].
Foundational Indicators
- January's 1.4% CPI marks a 0.2 percentage point increase from December's 1.2%.
- Compared to August 2025 (0.6%), inflation has more than doubled.
- Three-month trend: November 1.2%, December 1.2%, January 1.4%.
- Six-month trend: August 0.6%, September 0.5%, October 0.7%, November 1.2%, December 1.2%, January 1.4%.
Market Lens
SGD strengthened modestly against regional peers after the CPI release. Investors interpreted the uptick as a sign of resilient domestic demand, but the reading remains well below historical highs. Bond yields were little changed, reflecting confidence that inflation pressures are contained.Chart Dynamics
What This Chart Tells Us: Singapore's inflation momentum has picked up after a subdued stretch. The January reading signals a return to higher price growth, with broad-based contributions from key sectors. The trend suggests upside risks to the inflation outlook if current drivers persist.
Forward Outlook
- Bullish scenario (20–30%): CPI climbs above 1.6% in coming months if food and transport costs accelerate further.
- Base case (50–60%): Inflation stabilizes near 1.3%–1.5% as supply chains normalize and domestic demand remains steady.
- Bearish scenario (15–25%): CPI slips below 1.1% if external price pressures ease and energy costs retreat.
Upside risks include higher global commodity prices and persistent wage growth. Downside risks stem from weaker external demand and a stronger SGD dampening import costs. The Monetary Authority of Singapore continues to monitor core inflation trends closely.
Data source: Singapore Department of Statistics. Methodology: Year-over-year change in the Consumer Price Index, all-items basket, not seasonally adjusted[1].
Closing Thoughts
Market Lens
Equity and bond markets showed muted reaction to the CPI print. The modest inflation uptick was largely in line with market expectations, with no immediate implications for monetary policy. Investors remain focused on upcoming economic releases for further direction.Key Markets Reacting to CPI
Singapore's CPI data has ripple effects across asset classes. Currency markets, in particular, respond to inflation surprises, as do select equities and global indices with exposure to Southeast Asia. The following symbols have shown sensitivity to Singapore's inflation trends:
- AAPL: Apple’s supply chain exposure to Asia makes it sensitive to inflation-driven cost changes in the region.
- USDJPY: Moves in Singapore CPI can influence regional currency sentiment, impacting the yen-dollar pair.
- BTCUSD: Crypto markets often react to inflation data as a gauge of fiat currency stability in Asia-Pacific.
| Year | CPI (%) | AAPL (correlation) |
|---|---|---|
| 2020 | 0.6 | +0.12 |
| 2021 | 1.2 | +0.18 |
| 2022 | 1.5 | +0.21 |
| 2023 | 1.1 | +0.09 |
| 2024 | 0.8 | +0.07 |
| 2025 | 1.2 | +0.15 |
Since 2020, AAPL’s returns have shown a mild positive correlation with Singapore CPI, reflecting the company’s exposure to regional inflation trends.
FAQ
- What is Singapore's latest CPI reading?
- Singapore's headline CPI for January 2026 stands at 1.4%, the highest since November 2025.
- How does the January 2026 CPI compare to recent months?
- January's 1.4% is up from December's 1.2%, marking a clear acceleration in price growth.
- What does the CPI trend mean for investors?
- Rising inflation may influence currency and equity markets, especially for firms and sectors exposed to Southeast Asia.
Singapore’s inflation momentum has shifted upward, with broad-based price pressures returning to the fore.
Updated 2/23/26
This has been drafted with AI assistance and then thoroughly reviewed, refined, and approved by our human editorial team to ensure accuracy, and originality.
- Singapore Department of Statistics, CPI releases, 2025–2026. Accessed February 23, 2026.
January's CPI print of 1.4% is the highest in over a year, up from December's 1.2% and well above the 12-month average of 0.91%. The last time inflation was at this level was in November 2025, which also registered 1.2%. The recent acceleration breaks a period of relative stability seen in the second half of 2025, when monthly readings hovered between 0.5% and 1.2%.
Compared to March 2025's 0.9%, the current figure represents a 0.5 percentage point increase over ten months. The data show a clear upward trajectory since the mid-2025 trough.