Latest reading: Consumer prices increased 10.9% in annual terms in May, following a 10.7% increase in the prior month. May’s...
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 2025.
Source: Macrobond.
Singapore Inflation Data
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 2.3 | 6.1 | 4.8 | 2.4 | 0.9 |
| Inflation (CPI, ann. var. %, eop) | 4.0 | 6.5 | 3.8 | 1.5 | 1.2 |
| Inflation (Core, ann. var. %, eop) | 2.1 | 5.1 | 3.3 | 1.7 | 1.2 |
| Inflation (DSPI, ann. var. %, aop) | 15.2 | 18.6 | -6.7 | -1.3 | 1.0 |
Inflation is stable in April
Latest reading: Consumer prices increased 1.8% in annual terms in April, stable from the previous month's reading. Relative to the prior month's figures, price pressures were higher for transport in April (+7.0% in annual terms vs +6.0% in March). In contrast, price pressures reduced for housing and utilities in April (+0.2% vs +0.3% in March). Finally, the change in food prices was the same as in the prior month (+1.6% in April and March). Meanwhile, core consumer prices were up 1.4% on a year-on-year basis in April, following a 1.7% increase in the prior month. Lastly, consumer prices were down 0.34% in April on a month-on-month basis, following a 0.48% increase in the previous month.
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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