Broker Name: CGS International
Date of Report: October 23, 2025

Excerpt from CGS International report.

Report Summary

• Singapore’s inflation picked up slightly in September 2025, with core inflation at 0.4% year-on-year and headline inflation at 0.7%, mainly driven by higher car prices and private transport costs.
• Upcoming changes to EV incentives and emissions schemes have sparked a sharp rise in Certificate of Entitlement (COE) premiums, pushing car prices up and likely keeping private transport inflation elevated through year-end.
• Despite transport-driven inflation, overall price pressures are expected to remain contained due to weaker global growth, easing oil prices, and government support measures; 2025 headline inflation is forecast at 1.0% year-on-year.

Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website: https://www.cgs-cimb.com/sg/en/