Inflation Singapore 2022
Average inflation: 6.1%
Current Inflation
Inflation is very high at 6.1%, far above the ECB target.
Peak and Trough
The highest inflation was in August at 7.5%. The lowest inflation was in January at 4.0%.
- Highest month
- August: 7.5%
- Lowest month
- January: 4.0%
- Difference
- 3.5 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 5.3%. The lowest price increase was in Core inflation with an average of 4.1%.
- Highest increase
- Food: 5.3%
- Lowest increase
- Core inflation: 4.1%
Historical Context
Current inflation is 4.3% higher than the 5-year average of 1.8%. This approaches the highest level since records began (6.6% in 2008).
- 5-year average
- 1.8%
- 10-year average
- 1.2%
- All-time high (2008)
- 6.6%
- All-time low (2016)
- -0.5%
Trend
Inflation shows an upward trend. Compared to 2021, inflation has risen by +3.8 percentage point.
- Change vs. previous year
- +3.8 percentage points
- Largest monthly swing
- August: +5.1 percentage points
ECB Target
Inflation is 4.1% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €106.10 next year at this inflation rate.
Multi-year trend
Monthly figures 2022
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2021 |
|---|---|---|
| January | 4.0% | +3.8 |
| February | 4.3% | +3.6 |
| March | 5.4% | +4.1 |
| April | 5.4% | +3.3 |
| May | 5.6% | +3.2 |
| June | 6.7% | +4.3 |
| July | 7.0% | +4.5 |
| August | 7.5% | +5.1 |
| September | 7.5% | +5.0 |
| October | 6.7% | +3.5 |
| November | 6.7% | +2.9 |
| December | 6.5% | +2.5 |
| Average | 6.1% |
Data source
Data from WorldBank. Last updated: 06/01/2026.