Singapore inflation accelerates as Iran war drives up petrol prices; higher costs expected to spread
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Private transport inflation jumped to 6.6 per cent year on year in March, from 2.4 per cent in February, as the Iran war drove up petrol prices.
PHOTO: LIANHE ZAOBAO
Published Apr 23, 2026, 01:17 PM
Updated Apr 27, 2026, 04:13 PM
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SINGAPORE - Singapore’s consumer prices accelerated in March on the back of higher petrol and retail prices, with the Iran war expected to drive up the costs of more household goods and services.
Overall inflation picked up to 1.8 per cent year on year from 1.2 per cent in February, driven by faster increases in private transport, retail and other goods and services.
Core inflation, which excludes private transport and accommodation to better reflect household expenses, rose to 1.7 per cent from 1.4 per cent, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) said in a joint release on April 23.
They said Singapore’s imported cost pressures are expected to pick up and broaden in the months ahead.
“As higher energy and other input costs arising from the developments in the Middle East pass through global supply chains, they will raise production and transport costs for a wide range of Singapore’s imported goods and services,” they said.
Private transport inflation jumped from 2.4 per cent in February to 6.6 per cent in March as the Iran war led to a rise in petrol prices here.