Singapore

Singapore Retail Sales Growth Slows to 1.5% in July

Singapore’s retail sales continued to expand in July, although annual growth slowed considerably from the previous month.

Retail sales increased 1.5% year over year in July, down from a 4.0% increase previously, pointing to a moderation in consumer spending growth.

On a monthly basis, retail sales rose 0.9%, matching the previous month’s increase.

The figures suggest Singapore’s retail sector maintained positive momentum in July, but the slowdown in year-over-year growth indicates consumer demand expanded at a more moderate pace compared with the previous period.
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Singapore Inflation Accelerates in July as Energy and Services Costs Rise

Singapore’s inflation accelerated in July 2026, with both headline and core price growth picking up from June as electricity, services and food costs increased.

Headline CPI rose 2.2% year-over-year, up from 1.9% in June. Core inflation, which excludes accommodation and private road transport, accelerated more sharply to 2.0% from 1.6%. On a monthly basis, core prices increased 0.3%, while headline CPI declined 0.2%.

The acceleration was driven particularly by electricity and gas inflation, which surged to 8.7% from a 2.9% decline in June. Services inflation increased to 1.7% from 1.5%, while food inflation edged higher to 2.2% from 2.1%.
Singapore CPI held at 1.8% year-on-year in April, below the 2.0% forecast, while core CPI eased sharply to 1.4% from 1.7% and also missed expectations.
Singapore’s industrial production rebounded strongly in March, signaling a sharp recovery in manufacturing activity. Output rose 4.7% month-on-month, reversing the previous 1.2% decline, while annual growth accelerated to 10.1% from 3.3%.
Singapore’s core inflation rose to 1.7% year-over-year in March, up from 1.4%, while headline CPI increased to 1.8% from 1.2%. The data points to a gradual pickup in price pressures, though inflation remains relatively contained overall.

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In 2026, the Singapore market has attracted investor interest after a strong rally in 2025, when the Straits Times Index gained more than 20%. While Singapore continues to serve as a regional safe haven, performance across major sectors is diverging as global interest rates stabilize and trade dynamics evolve. Broadly speaking, Singapore’s market is being

(drwealth.com)
Singapore Trade Balance widened sharply to 11.218B in March, more than doubling from the previous 4.573B, indicating a significant improvement in external performance.
Singapore’s Q1 GDP data signals a clear slowdown with downside surprises on both annual and quarterly metrics.

On a yearly basis, GDP grew 4.6%, missing expectations of 5.4% and slowing from the previous 6.9%. This indicates that while the economy is still expanding, the pace of growth is decelerating significantly.

More notably, on a quarterly basis, GDP contracted by -1.3%, a sharp miss versus the expected -0.5% and a reversal from the previous 2.1% growth.
Singapore’s foreign reserves increased in March, indicating continued strength in its external position.

The Foreign Reserves Singapore rose to $419.2 billion from $416.1 billion previously.
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