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Singapore Inflation

Singapore Inflation

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 2014 to 2023.
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 more than expected in December

Inflation inched up to 3.7% in December, above November’s 3.6%. The uptick surprised markets on the upside. Looking at the details of the release, price growth for transport accelerated, outweighing a softer rise in prices for food. However, the trend pointed down mildly, with annual average inflation coming in at 4.8% in December (November: 5.0%). Meanwhile, core inflation rose to 3.3% in December, from the previous month's 3.2%. Lastly, consumer prices rose 0.38% in December over the previous month, contrasting the 0.17% drop logged in November.

Goldman Sachs analysts Rina Jio and Jonathan Sequeira commented on the outlook: “While [January’s] inflation surprise skews the balance of risks around MAS policy in a marginally more hawkish direction, our baseline scenario remains that the MAS will keep its monetary policy parameters unchanged at its next meeting on 29 January. We still expect core inflation to continue its easing trajectory after a temporary increase in January 2024 on the back of the 1pp GST hike.”

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

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