On the other hand, Chua Hak Bin and Brian Lee Shun Rong of Maybank Securities have maintained their core inflation forecast at 0.5% in 2025 and 0.8% in 2026, while keeping their 2025 and 2026 headline inflation projection at 0.8% and 0.9% respectively.
Economists at UOB Global Economic and Market Research (UOB) and RHB Bank Singapore (RHB) have lowered their Singapore inflation forecasts for 2026. This comes after the Monetary Authority of Singapore (MAS) announced, on July 23, that June’s core inflation came in at 0.6% y-o-y, unchanged from May. Headline - or CPI-All items inflation - increased by 0.8% y-o-y in May. On a m-o-m basis, both core and headline inflation readings declined by 0.1%.
UOB’s Jester Koh has lowered his average core inflation forecast for 2025 and 2026 to 0.6% and 1.1% respectively, while RHB’s Barnabas Gan and Laalitha Raveenthar have reduced their full-year headline and core inflation to 1.2% and 0.9% respectively.
