Inflation rate in Singapore 2024

In 2018, the average inflation rate in Singapore amounted to about 0.44 percent compared to the previous year, and it seemed to recover from sliding into the red throughout 2015 and 2016. For the next few years, Singapore’s inflation is expected to level off at around 1.4 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 1984 to 2024*

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Source

Release date

October 2019

Region

Singapore

Survey time period

1984 to 2018

Supplementary notes

* Estimate.

Figures have been rounded.

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Statistics on "Singapore"

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