Latest reading: Inflation climbed to 11.8% in June from May’s 11.3%, marking the joint-highest rate since August 2023. The reading...
Inflation in Singapore
Consumer price inflation in Singapore averaged 1% in the ten years to 2024, in line with the ASEAN regional average of 1%. The 2024 average figure was 2.4%. For more information on inflation, visit our dedicated page
Singapore Inflation Chart
Note: This chart displays Inflation Rate (CPI, annual variation in %) for Singapore from 2014 to 2024.
Source: Macrobond.
Singapore Inflation Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | -0.2 | 2.3 | 6.1 | 4.8 | 2.4 |
| Inflation (CPI, ann. var. %, eop) | 0.0 | 4.0 | 6.5 | 3.8 | 1.5 |
| Inflation (Core, ann. var. %, eop) | -0.3 | 2.1 | 5.1 | 3.3 | 1.7 |
| Inflation (DSPI, ann. var. %, aop) | -8.7 | 15.2 | 18.6 | -6.7 | -1.3 |
Inflation remains at March’s level in April
Latest reading: Inflation came in at 0.9% in April, matching March’s reading. April's figure represented the join-weakest inflation rate since February 2021. Looking at the details of the release, softer price pressures for housing and utilities offset a stronger rise in food costs. The trend pointed down, with annual average inflation falling to 1.7% in April (March: 1.8%). Meanwhile, core inflation rose to 0.7% in April from the previous month's 0.5%. Finally, consumer prices dropped 0.31% in April over the previous month, a sharper drop than March's 0.08% fall. April's result marked the weakest reading since January.
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Singapore inflation projections for the next ten years from a panel of 29 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Singapore inflation.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Singapore inflation projections.
Want to get access to the full dataset of Singapore inflation forecasts? Send an email to info@focus-economics.com.
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