Current inflation Singapore 1.6%
December 2024
Current Inflation
Inflation is low at 1.6%, below the ECB target of 2%.
Historical Context
Inflation is 1.5 percentage points 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
Over the period 2022-2024, inflation shows a downward trend. Compared to 2023, average inflation in 2024 through December has fallen by 2.4 percentage points.
ECB Target
Inflation is 0.4 percentage points below the ECB target of 2.0%. Too low inflation may indicate economic weakness.
Purchasing Power
At this inflation rate, purchasing power gradually decreases. The impact on daily expenses is relatively limited.
What you could buy for SGD 100 this year will cost approximately SGD 101.60 next year at this inflation rate.
Last 12 months
5-year trend
Statistics
- Average 2024 through December
- 2.4%
- Last year
- 4.8%
- 5-year average
- 3.1%
- All-time high (2008)
- 6.6%