In 2019, the average inflation rate in Singapore amounted to about 0.57 percent compared to the previous year, and it seemed to recover from sliding into the red throughout 2015 and 2016. For 2028, Singapore’s inflation is expected to level off at around 1.99 percent.
Singapore’s economy in short
Singapore is a prospering, highly developed economy, relying heavily on its role as an intermediary port for transport and storage of goods and merchandise. The lion’s share of its GDP is generated by the services sector, mainly by financial services, oil-refining, and manufacturing. Tourism is also an important contributor. It is one of the leading economies in Asia with one of the highest GDPs in the ASEAN region.
The great slump of 2015 to 2016
As dramatic as it looks, there was no definite reason for Singapore’s inflation rate to drop below zero in 2015 and 2016. A slump in economic growth and oil prices, as well as a low consumer price index were most likely responsible for inflation taking a hit in those years. Singapore has since recovered and continues its success story as one of the leading economies in the East.
Singapore: Inflation rate from 1987 to 2029*
(compared to the previous year)
Characteristic
Inflation rate compared to previous year
2029*
1.96%
2028*
1.98%
2027*
1.98%
2026*
1.98%
2025*
2.5%
2024*
2.98%
2023
4.82%
2022
6.12%
2021
2.31%
2020
-0.18%
2019
0.57%
2018
0.44%
2017
0.58%
2016
-0.53%
2015
-0.52%
2014
1.03%
2013
2.36%
2012
4.58%
2011
5.25%
2010
2.82%
2009
0.6%
2008
6.63%
2007
2.11%
2006
0.96%
2005
0.47%
2004
1.67%
2003
0.49%
2002
-0.39%
2001
1.02%
2000
1.35%
1999
0.02%
1998
-0.27%
1997
2.02%
1996
1.38%
1995
1.73%
1994
3.1%
1993
2.29%
1992
2.24%
1991
3.44%
1990
3.45%
1989
2.29%
1988
1.52%
1987
0.48%
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IMF. (April 22, 2024). Singapore: Inflation rate from 1987 to 2029* (compared to the previous year) [Graph]. In Statista. Retrieved October 11, 2024, from https://www.statista.com/statistics/379423/inflation-rate-in-singapore/
IMF. "Singapore: Inflation rate from 1987 to 2029* (compared to the previous year)." Chart. April 22, 2024. Statista. Accessed October 11, 2024. https://www.statista.com/statistics/379423/inflation-rate-in-singapore/
IMF. (2024). Singapore: Inflation rate from 1987 to 2029* (compared to the previous year). Statista. Statista Inc.. Accessed: October 11, 2024. https://www.statista.com/statistics/379423/inflation-rate-in-singapore/
IMF. "Singapore: Inflation Rate from 1987 to 2029* (Compared to The Previous Year)." Statista, Statista Inc., 22 Apr 2024, https://www.statista.com/statistics/379423/inflation-rate-in-singapore/
IMF, Singapore: Inflation rate from 1987 to 2029* (compared to the previous year) Statista, https://www.statista.com/statistics/379423/inflation-rate-in-singapore/ (last visited October 11, 2024)
Singapore: Inflation rate from 1987 to 2029* (compared to the previous year) [Graph], IMF, April 22, 2024. [Online]. Available: https://www.statista.com/statistics/379423/inflation-rate-in-singapore/