Inflation in Singapore

Singapore Inflation (eop) | Economic News & Forecasts

Singapore - Inflation (end of period)

Inflation hits highest level in nearly four years in March

Consumer prices increased 0.22% over the previous month in March, moderating from the 0.57% increase recorded in February. March’s lower reading was principally driven by falling food and beverage prices.

Inflation rose to 1.3% in March from February’s 0.7%, thus marking the highest inflation rate since May 2017. As a result, the annual average variation of consumer prices edged up to minus 0.1% in March (February: -0.2%), while core inflation came in at 0.5% in March from February’s 0.2% increase.

Commenting on the outlook for inflation in 2021, Barnabas Gan, economist at United Overseas Bank, sees higher albeit restrained inflationary pressures ahead:

“The balance of risk for inflation in 2021 is tilted to the upside on the back of the reflation environment–defined as the return to global economic growth after the Covid-19-induced recession in 2020. On the flip side, the uncertainties surrounding Covid-19 and the negative impact it has on economic growth could cap price pressures. Covid-19 infections across Singapore’s key trading partners may continue to cap import price pressures and inject headwinds to overall external inflation. On the domestic front, the continued slack in Singapore’s labour market will likely cap wage pressures as well.”

FocusEconomics Consensus Forecast panelists expect inflation to average 1.1% in 2021, which is up 0.2 percentage points from the previous month’s forecast. In 2022, our panel expects average inflation of 1.3%.

Singapore - Inflation (eop) Data

2015   2016   2017   2018   2019  
Inflation Rate (CPI, annual variation in %, eop)-0.6  0.2  0.4  0.5  0.8  

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Singapore Inflation (eop) Chart

Singapore Inflation
Note: Annual variation of consumer price index (CPI) in %.
Source: Singapore Department of Statistics and FocusEconomics calculations.

Singapore Facts

Value Change Date
Bond Yield1.741.39 %Dec 31
Exchange Rate1.34-0.01 %Jan 01

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