Inflation in Singapore
Consumer price inflation averaged 1.2% in the ten years to 2022 in Singapore, below the Asia-Pacific regional average of 2.1%. The 2022 average figure was +6.1%. 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 2013 to 2022.
Source: Statistics Singapore.
Singapore Inflation Data
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Inflation (CPI, ann. var. %, aop) | 0.4 | 0.6 | -0.2 | 2.3 | 6.1 |
| Inflation (CPI, ann. var. %, eop) | 0.5 | 0.8 | 0.0 | 4.0 | 6.5 |
| Inflation (Core, ann. var. %, eop) | 1.9 | 0.6 | -0.3 | 2.1 | 5.1 |
| Inflation (DSPI, ann. var. %, aop) | 6.4 | -3.3 | -8.7 | 15.2 | 18.6 |
Inflation rises in September
Inflation ticked up to 4.1% in September, following August’s 4.0%. The increase was largely due to faster growth in prices for transport and communication. In contrast, September marked a slower increase in prices for food and moderating price pressures for housing and utilities. Annual average inflation fell to 5.5% in September (August: 5.8%). Meanwhile, core inflation fell to 3.0% in September, from the previous month's 3.4%. Lastly, consumer prices increased 0.50% in September over the previous month, below August's 0.88% increase.
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.