Singapore's annual inflation rate held steady at 1.8% in May 2026, unchanged for a second consecutive month and below market expectations of 2%. The reading comes on the heels of the Monetary Authority of Singapore's return to policy tightening in April, the first such move since 2022, as the central bank sought to guard against inflationary pressures arising from the conflict in the Middle East. The central bank also raised its forecasts for both core and headline inflation to 1.5%–2.5% for 2026, from 1%–2% previously. Price pressures accelerated across major categories, particularly food (1.8% vs 1.6% in April) and transport (7.4% vs 7.0%), while inflation for housing and utilities remained unchanged at 0.2%. On a monthly basis, consumer prices rose 0.7%, rebounding from a 0.3% fall in April. Meanwhile, core inflation, which excludes accommodation and private transport costs, held steady at 1.4% in May, slightly below market expectations of 1.6%.