Singapore's core inflation climbed to 2.2 per cent year-on-year in August, its highest level since September 2024, driven by rising costs in services, food, and retail goods. The Monetary Authority of Singapore and the Ministry of Trade and Industry attributed the increase partly to faster growth in airfares and transport fares, as well as elevated global energy prices that have pushed up electricity and gas tariffs. Authorities warned that upside risks persist, with global oil prices remaining high and volatile, though core inflation is expected to remain within a forecast range of 1.5 to 2.5 per cent for 2026 before easing more noticeably around mid-2027.