Inflation in Singapore
Consumer price inflation in Singapore averaged 1.6% in the ten years to 2024, in line with the ASEAN regional average of 3.0%. 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 2025 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 ebbs in August from the prior month
Latest reading: Consumer prices were up 0.5% in annual terms in August, following a 0.6% increase in the prior month. August’s figure marked the lowest inflation rate since January 2021 and undershot market expectations. Relative to the prior month's figures, there were milder price pressures for health (2.3% vs 2.4%) plus sport and culture (-3.0% vs -1.2%). In contrast, price pressures were higher for transport in August (+2.3% vs +2.1% in July). Finally, the variations in food plus housing and utilities were the same as in the prior month (+1.1% and +0.3% respectively). Meanwhile, core consumer prices increased 0.3% on a year-on-year basis in August, following a 0.5% increase in the prior month. Lastly, consumer prices rose 0.51% in August in month-on-month terms, following a 0.45% fall in the previous month.
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 28 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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