Singapore Inflation Rate

Last Release

Feb 29, 2024

Actual

3.4

Units In

2.9

Frequency

Monthly

Next Release

Apr 23, 2024

Time to Release

27 Days 18 Hours

Highest	Lowest	Average	Date Range	Source
34.3 Mar 1974	-3.1 Sep 1976	2.6 %	1962-2024	Statistics Singapore

In Singapore, the most important categories in the consumer price index are housing (25 percent of total weight) and food (22 percent). The index also includes: transport (16 percent), education (7 percent), health (6 percent), communication (5 percent) and clothing and footwear (3 percent). Recreation, alcoholic beverages, tobacco and others account for the remaining 16 percent of total weight.

Latest Updates

Singapore’s annual inflation rate increased to 3.4% in February 2024 from an over two-year low of 2.9% in the previous month, compared to market forecasts of 3.3%, due mainly to a faster rise in housing and food prices. Inflation accelerated for housing (3.9% vs 2.4% in January), recreation & culture (5.5% vs 4.4%), education (3.4% vs 3.2%), and food inflation rose to a three-month high of 3.8% from a 22-month low of 3.3% in January. Meanwhile, inflation was steady for transport (at 2.3%), health care (at 4.6%), and miscellaneous goods & services (at 2.6%). On the other hand, the annual core inflation advanced to a seven-month high of 3.6% in February from January’s 23-month low of 3.1%, beating forecasts of a 3.4% gain. Monthly, consumer prices rose by 1.0% in February, the most in 15 months, rebounding from a 0.7% fall in the prior month. Trade Ministry and Monetary Authority of Singapore (MAS) projected both headline and core inflation to average 2.5% to 3.5% for 2024.