Latest reading: Inflation eased to 1.5% in May, below April’s 2.0%. May’s figure marked the weakest inflation rate since March...
Inflation in Singapore
In the year 2024, the inflation in Singapore was 2.39%, compared to 1.03% in 2014 and 4.83% in 2023. It averaged 1.55% over the last decade. 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.
Latest Global Inflation News
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Euro Area: Harmonized inflation drops to lowest level since September 2024 in May Latest reading: Harmonized inflation fell to 1.9% in May, slightly below April’s 2.2% and the ECB’s 2.0% target. May’s result...