Inflation Singapore 2021
Average inflation: 2.3%
Inflation in 2021
Inflation is normal at 2.3%, around the ECB target.
Peak and Trough
The highest inflation was in December at 4.0%. The lowest inflation was in January at 0.2%.
- Highest month
- December: 4.0%
- Lowest month
- January: 0.2%
- Difference
- 3.8 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 1.4%. The lowest price increase was in Core inflation with an average of 1.0%.
- Highest increase
- Food: 1.4%
- Lowest increase
- Core inflation: 1.0%
Historical Context
Inflation is 1.6 percentage points higher than the 5-year average of 0.7%.
- 5-year average
- 0.7%
- 10-year average
- 1.1%
- All-time high (2008)
- 6.6%
- All-time low (2016)
- -0.5%
Trend
Over the period 2019-2021, inflation shows an upward trend. Compared to 2020, inflation has risen by 2.5 percentage points.
- Change vs. previous year
- +2.5 percentage points
- Largest monthly swing
- December: +4.0 percentage points
ECB Target
Inflation is close to the ECB target of 2.0%.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for SGD 100 this year will cost approximately SGD 102.30 next year at this inflation rate.
Multi-year trend
Monthly figures 2021
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2020 |
|---|---|---|
| January | 0.2% | -0.6 |
| February | 0.7% | +0.4 |
| March | 1.3% | +1.3 |
| April | 2.1% | +2.8 |
| May | 2.4% | +3.2 |
| June | 2.4% | +2.9 |
| July | 2.5% | +2.9 |
| August | 2.4% | +2.8 |
| September | 2.5% | +2.5 |
| October | 3.2% | +3.4 |
| November | 3.8% | +3.9 |
| December | 4.0% | +4.0 |
| Average | 2.3% |
Data source
Data from WorldBank. Last updated: 06/01/2026.