Singapore: CPI seen higher on energy shock – DBS

DBS Group Research expects Singapore’s March 2026 core and headline inflation to rise to 1.6% and 1.8% year-on-year, from 1.4% and 1.2% in February. The report links this to imported energy price pressures after the Middle East conflict. Higher costs are likely in transport and travel services, while electricity, gas and food price pressures remain contained for now.

Energy-driven uptick in March inflation

"Singapore’s inflation data for March 2026 will likely reflect the initial impact of the energy shock stemming from the Middle East conflict."

"We expect core and headline inflation to rise to 1.6% yoy and 1.8% yoy, respectively, in March, up from 1.4% yoy and 1.2% yoy in February."

"The increase was likely driven by a pickup in imported energy price pressures amid spikes in global crude oil, refined petroleum, and gas prices."

"This likely translated into higher inflation in categories such as point-to-point transport services, travel-related services due to airfare increases, and private transport, while upside price pressures in electricity & gas and food remain contained for now."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)