Singapore's annual inflation rate climbed to 7.5% in August 2022 from 7.0% in the prior month, topping market consensus of 7.2%. This was the fastest rise in consumer prices since June 2008, with food prices rising the most in near 14 years. Additional upward pressures also came from cost of housing (6.0% vs 5.9% in July), due to accommodation; transport (20.2% vs 19.0%), due to private transport; clothing (8.7% vs 6.6%); healthcare (2.7% vs 2.7%), led by outpatient services; recreation & culture (5.9% vs 4.9%), led by holiday expenses; and education (2.2% vs 2.2%). By contrast, cost of communication fell at a softer rate (-1.1% vs -1.3%). Core consumer prices rose by 5.1% yoy, the steepest rise since November 2008, above estimates of 5.0%. On a monthly basis, consumer prices went up 0.9%, picking up sharply from a 0.2% rise in July which was the least in three months. The government expects 2022 inflation to be between 4.5-5.5%, while core inflation to average between 2.5-3.5%. source: Statistics Singapore
Inflation Rate in Singapore averaged 2.54 percent from 1962 until 2022, reaching an all time high of 34.30 percent in March of 1974 and a record low of -3.10 percent in September of 1976. This page provides - Singapore Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Singapore Inflation Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2022.
Inflation Rate in Singapore is expected to be 7.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Singapore Inflation Rate is projected to trend around 4.50 percent in 2023 and 4.00 percent in 2024, according to our econometric models.