Inflation Singapore 2024
Average inflation: 2.4%
Current Inflation
Inflation is normal at 2.4%, around the ECB target.
Peak and Trough
The highest inflation was in February at 3.4%. The lowest inflation was in October at 1.4%.
- Highest month
- February: 3.4%
- Lowest month
- October: 1.4%
- Difference
- 2.0 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Energy with an average of 3.3%. The lowest price increase was in Core inflation with an average of 2.8%.
- Highest increase
- Energy: 3.3%
- Lowest increase
- Core inflation: 2.8%
Historical Context
Current inflation is 0.7% lower than the 5-year average of 3.1%.
- 5-year average
- 3.1%
- 10-year average
- 1.6%
- All-time high (2008)
- 6.6%
- All-time low (2016)
- -0.5%
Trend
Inflation shows a downward trend. Compared to 2023, inflation has fallen by +2.4 percentage point.
- Change vs. previous year
- -2.4 percentage points
- Largest monthly swing
- January: -3.7 percentage points
ECB Target
Inflation is 0.4% 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 €102.40 next year at this inflation rate.
Multi-year trend
Monthly figures 2024
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| January | 2.9% | -3.7 |
| February | 3.4% | -2.9 |
| March | 2.7% | -2.8 |
| April | 2.7% | -3.0 |
| May | 3.1% | -2.0 |
| June | 2.4% | -2.1 |
| July | 2.4% | -1.7 |
| August | 2.2% | -1.8 |
| September | 2.0% | -2.1 |
| October | 1.4% | -3.3 |
| November | 1.6% | -2.0 |
| December | 1.6% | -2.1 |
| Average | 2.4% |
Data source
Data from WorldBank. Last updated: 06/01/2026.