Latest reading: Inflation edged down to 1.9% in June, which followed May’s 2.1%. June’s reading represented the weakest inflation rate...
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 falls in May
Latest reading: Inflation ticked down to 0.8% in May, which followed April’s 0.9%. May's figure represented the lowest inflation rate since February 2021. Looking at the details of the release, costs for food rose at a more moderate rate, and price pressures for transportation eased. Accordingly, the trend pointed down slightly, with annual average inflation coming in at 1.5% in May (April: 1.7%). Meanwhile, core inflation edged down to 0.6% in May from the previous month's 0.7%. Lastly, consumer prices increased 0.69% in May over the previous month, contrasting April's 0.31% drop.
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 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.
Latest Global Inflation News
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