Singapore: Inflation

The latest value from 2024 is 2.4 percent, a decline from 4.8 percent in 2023. In comparison, the world average is 6.0 percent, based on data from 155 countries. Historically, the average for Singapore from 1961 to 2024 is 2.6 percent. The minimum value, -1.8 percent, was reached in 1976 while the maximum of 22.4 percent was recorded in 1974. See the global rankings or world map for that indicator or use the country comparator to compare trends over time.

Inflation in Singapore and other countries is usually calculated as the percent change in the Consumer Price Index (CPI) from one year to the next. The CPI represents the prices paid by the average urban consumer in each respective country. Inflation can also be calculated with other price indexes such as the Produce Price Index or the so-called GDP deflator.

Most countries try to keep inflation somewhere around 2-3 percent per year. That is too low to cause any problems for the businesses and households. At the same time, it is comfortably away from negative inflation, i.e. from deflation. Of course, this target is often missed.

Definition: Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. This indicator denotes the percentage change over each previous year of the constant price (base year 2015) series in United States dollars.