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 2030, Singapore’s inflation is expected to level off at around 1.97 percent. Singapore’s economy in shortSingapore 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 2016As 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.

Inflation Rate in Singapore remained unchanged at 0.80 percent in June. This dataset provides - Singapore Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Singapore: Inflation forecast: The latest value from 2030 is 1.97 percent, unchanged from 1.97 percent in 2029. In comparison, the world average is 3.65 percent, based on data from 182 countries. Historically, the average for Singapore from 1980 to 2030 is 1.98 percent. The minimum value, -1.43 percent, was reached in 1998 while the maximum of 10.35 percent was recorded in 1981.

Core consumer prices in Singapore increased 0.60 percent in June of 2025 over the same month in the previous year. This dataset provides the latest reported value for - Singapore Core Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Inflation, consumer prices (annual %) in Singapore was reported at 2.3895 % in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. Singapore - Inflation, consumer prices (annual %) - actual values, historical data, forecasts and projections were sourced from the World Bank on August of 2025.

Inflation is generally defined as the continued increase in the average prices of goods and services in a given region. Following the extremely high global inflation experienced in the 1980s and 1990s, global inflation has been relatively stable since the turn of the millennium, usually hovering between three and five percent per year. There was a sharp increase in 2008 due to the global financial crisis now known as the Great Recession, but inflation was fairly stable throughout the 2010s, before the current inflation crisis began in 2021. Recent years Despite the economic impact of the coronavirus pandemic, the global inflation rate fell to 3.26 percent in the pandemic's first year, before rising to 4.66 percent in 2021. This increase came as the impact of supply chain delays began to take more of an effect on consumer prices, before the Russia-Ukraine war exacerbated this further. A series of compounding issues such as rising energy and food prices, fiscal instability in the wake of the pandemic, and consumer insecurity have created a new global recession, and global inflation in 2024 is estimated to have reached 5.76 percent. This is the highest annual increase in inflation since 1996. Venezuela Venezuela is the country with the highest individual inflation rate in the world, forecast at around 200 percent in 2022. While this is figure is over 100 times larger than the global average in most years, it actually marks a decrease in Venezuela's inflation rate, which had peaked at over 65,000 percent in 2018. Between 2016 and 2021, Venezuela experienced hyperinflation due to the government's excessive spending and printing of money in an attempt to curve its already-high inflation rate, and the wave of migrants that left the country resulted in one of the largest refugee crises in recent years. In addition to its economic problems, political instability and foreign sanctions pose further long-term problems for Venezuela. While hyperinflation may be coming to an end, it remains to be seen how much of an impact this will have on the economy, how living standards will change, and how many refugees may return in the coming years.

This statistic shows the average inflation rate in Indonesia from 1987 to 2024, with projections up until 2030. In 2024, the average inflation rate in Indonesia amounted to about 2.3 percent compared to the previous year. The global financial crisis and economic consequences The global economy underwent a drastic slump due to the global financial crisis in 2008, which caused a continued increase in the general level of prices of goods and services; the highest recorded global inflation of the past decade took place in 2008, when the global inflation rate increased by more than 6.4 percent in comparison with the previous year. As for Indonesia, the country's inflation rate amounted to around 9.8 percent in comparison to the previous year. The financial crisis also impacted the global unemployment rate. In 2009, the global unemployment rate jumped to around 6.2 percent, and it is not expected to recover to pre-crisis levels anytime soon. The financial crisis impact on the Indonesian economy was slightly more severe: In 2008, the unemployment rate in Indonesia was around 8.4 percent, much higher than the global unemployment rate for the same year. It has, however, now decreased significantly, even though it is still not below the global level, the country itself has reached lower levels than before the crisis. After the financial crisis, the Indonesian government implemented several economic reforms and increased exports in order to strengthen the economy. In 2011, Indonesia exported goods with a value of more than 200 billion U.S. dollars. The main export partners of Indonesia are Japan, China and Singapore. As a result of increased exports, the Indonesian economy was able to grow, making Indonesia one of the twenty nations in the world with the largest gross domestic product in 2015.

The Consumer Price Index in Singapore decreased 0.10 percent in June of 2025 over the previous month. This dataset provides - Singapore Inflation Rate Mom - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Cost of food in Singapore increased 1 percent in June of 2025 over the same month in the previous year. This dataset provides the latest reported value for - Singapore Food Inflation - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In June 2025, global inflation rates and central bank interest rates showed significant variation across major economies. Most economies initiated interest rate cuts from mid-2024 due to declining inflationary pressures. The U.S., UK, and EU central banks followed a consistent pattern of regular rate reductions throughout late 2024. In the first half of 2025, Russia maintained the highest interest rate at 20 percent, while Japan retained the lowest at 0.5 percent. Varied inflation rates across major economies The inflation landscape varies considerably among major economies. China had the lowest inflation rate at 0.1 percent in June 2025. In contrast, Russia maintained a high inflation rate of 9.4 percent. These figures align with broader trends observed in early 2025, where China had the lowest inflation rate among major developed and emerging economies, while Russia's rate remained the highest. Central bank responses and economic indicators Central banks globally implemented aggressive rate hikes throughout 2022-23 to combat inflation. The European Central Bank exemplified this trend, raising rates from 0 percent in January 2022 to 4.5 percent by September 2023. A coordinated shift among major central banks began in mid-2024, with the ECB, Bank of England, and Federal Reserve initiating rate cuts, with forecasts suggesting further cuts through 2025 and 2026.

Inflation, GDP deflator: linked series (annual %) in Singapore was reported at 3.2419 % in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. Singapore - Inflation, GDP deflator: linked series (annual %) - actual values, historical data, forecasts and projections were sourced from the World Bank on August of 2025.

Inflation Rate in Malaysia decreased to 1.10 percent in June from 1.20 percent in May of 2025. This dataset provides - Malaysia Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Singapore posted a gross domestic product (GDP) growth rate of 1.35 percent in 2019, after adjusting for inflation. While up from the previous two years, this number is expected to decline in 2023, settling around 2.5 percent in the future.

What is GDP?

GDP is a measure of a country’s income, and most economists agree that slow but steady GDP growth is best for a developed economy. GDP measures the total value of all goods and services produced within a country during a certain time period. With the highest GDP per capita in ASEAN, Singapore certainly qualifies as developed, meaning that it should target GDP growth around 2 to 3 percent.

Singapore’s context

Singapore is a small, open economy. As such, it has little influence on, and high exposure to, international trends. For example, a shift in the exchange rate with a major trading partner can have significant effects on the economy. For Singapore, who relies heavily on exports, these kinds of shocks can affect the entire economy. For example, a weaker Singapore dollar would increase GDP by raising net exports, but this would also lead to higher inflation. As a result, policymakers in Singapore have to follow many factors if they want to continue enjoying healthy GDP growth.

Consumer Price Index CPI in Singapore decreased to 100.90 points in June from 101 points in May of 2025. This dataset provides the latest reported value for - Singapore Consumer Price Index (CPI) - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The transportation sub-index of the CPI basket in Singapore decreased to 101.60 points in June of 2025 from 101.80 points in May of 2025. This dataset provides - Singapore Cpi Transportation- actual values, historical data, forecast, chart, statistics, economic calendar and news.

CPI Housing Utilities in Singapore remained unchanged at 101.40 points in June. This dataset provides - Singapore Cpi Housing & Utilities- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Labour Costs in Singapore increased to 125.90 points in the first quarter of 2025 from 118.80 points in the fourth quarter of 2024. This dataset provides - Singapore Labour Costs - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Unemployment Rate in Singapore increased to 2.10 percent in the second quarter of 2025 from 2 percent in the first quarter of 2025. This dataset provides the latest reported value for - Singapore Unemployment Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Wages in Singapore increased to 6282 SGD/Month in the first quarter of 2025 from 6113 SGD/Month in the fourth quarter of 2024. This dataset provides - Singapore Average Monthly Wages - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Consumer price index (2010 = 100) in Singapore was reported at 133 in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. Singapore - Consumer price index (2010 = 100) - actual values, historical data, forecasts and projections were sourced from the World Bank on August of 2025.