Singapore last month also downgraded its GDP forecast for 2025 to 0% to 2% from the previous 1% to 3%, citing the direct and indirect impacts of the U.S. tariffs, and officials have said there is a risk of recession in the city-state.

Singapore’s key inflation gauge accelerated for the first time since September, driven by an increase in healthcare, education and food prices.

SINGAPORE: Singapore’s core inflation rose in April, marking the first year-on-year increase after six months. Core inflation, which excludes private transport and accommodation, came in at 0.7 per cent in April.