Latest reading: Inflation ticked up to 2.4% in July, following June’s 2.3%. Looking at the details of the release, prices...
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 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 steady in June
Latest reading: Inflation remained at May’s 0.8% in June, marking the joint-lowest result since February 2021 and falling short of market expectations. Looking at the details of the release, food and housing prices grew at a softer pace, offsetting stronger price pressures for transport. The trend pointed down mildly, with annual average inflation coming in at 1.3% in June (May: 1.5%). Meanwhile, core inflation was steady, coming in at May's 0.6% in June. Finally, consumer prices dropped 0.08% over the previous month in June, swinging from the 0.69% increase recorded in May.
Panelist insight: Commenting on the outlook, Nomura’s Euben Paracuelles and Charnon Boonnuch stated: “We think the inflation outlook remains benign, given muted underlying price pressures and still-broad sources of disinflation […], consistent with near-neutral labour market conditions.”
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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