Inflation Singapore 2023
Average inflation: 4.8%
Current Inflation
Inflation is high at 4.8%, well above the ECB target.
Peak and Trough
The highest inflation was in January at 6.6%. The lowest inflation was in November at 3.6%.
- Highest month
- January: 6.6%
- Lowest month
- November: 3.6%
- Difference
- 3.0 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 5.8%. The lowest price increase was in Core inflation with an average of 4.2%.
- Highest increase
- Food: 5.8%
- Lowest increase
- Core inflation: 4.2%
Historical Context
Current inflation is 2.1% higher than the 5-year average of 2.7%.
- 5-year average
- 2.7%
- 10-year average
- 1.5%
- All-time high (2008)
- 6.6%
- All-time low (2016)
- -0.5%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -1.3 percentage point.
- Change vs. previous year
- -1.3 percentage points
- Largest monthly swing
- August: -3.5 percentage points
ECB Target
Inflation is 2.8% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
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 €100 this year will cost approximately €104.80 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 6.6% | +2.6 |
| February | 6.3% | +2.0 |
| March | 5.5% | +0.1 |
| April | 5.7% | +0.3 |
| May | 5.1% | -0.5 |
| June | 4.5% | -2.2 |
| July | 4.1% | -2.9 |
| August | 4.0% | -3.5 |
| September | 4.1% | -3.4 |
| October | 4.7% | -2.0 |
| November | 3.6% | -3.1 |
| December | 3.7% | -2.8 |
| Average | 4.8% |
Data source
Data from WorldBank. Last updated: 06/01/2026.