SMU’s Lee Kong Chian School of Business, in collaboration with DBS Group Research and partly funded by DBS, released the Singapore Index of Inflation Expectations survey on 20 January 2026 which showed that the majority of Singaporeans expect headline inflation to rise slightly in 2026 as a result of global high trade policies followed by geopolitical uncertainties, higher interest rates, supply chain disruptions, and fiscal responsibility measures, such as higher value-added taxes. Commenting on the survey result, SMU Assistant Professor of Finance (Education) Aurobindo Ghosh said that this comes as policy uncertainty remained elevated throughout 2025. Asst Prof Ghosh said that the global economy and the equity market, has been surprisingly resilient despite the onslaught of conflicts, tariffs and disruptions. Against this backdrop, he added that consumers in Singapore, as part of a small open economy, weighed in their opinion that overall inflation (would) be slightly higher across the board in the medium term.