The Consumer price inflation in Singapore attained a value of 2.44 % in 2024
The indicator recorded a historical change (bps difference) of 13 bps between 2021 to 2024, and is expected to grow by...
GlobalData projects the figure to change by 15 bps between 2025 and 2029, reaching...
Inflation
A rise in the cost of goods and services in an economy that results in a loss of the currency's buying power is known as inflation. It is computed as the rate at which prices changed during a given time. One of the most used metrics for gauging inflation in an economy is the consumer price index (CPI).
Global Inflation
Global inflation is a measure of the average annual rate of growth increase in national prices across all countries. It can be calculated using various methods including simple average, weighted average, and median price change. The global inflation rate is projected to rise to 6.5% in 2022 from 3.5% in the previous year due to supply chain disruption amid the Ukraine-Russia war. While most countries saw a rise in their annual inflation rate between 2021 and 2022, some of the highest rates of increase have been in Europe, Brazil, Turkey, the United States, and Israel. By June 2022, nearly half of Eurozone countries had double-digit inflation, and the region reached an average inflation rate of 8.6%, the highest since its formation in 1999.
Consumer Price Inflation in Singapore
Between 2018-2021, the consumer price inflation in Singapore was highest in the year 2021, reaching 2.3%, a decrease of 13.7% over the previous year 2020. Between 2018 to 2021, Singapore’s consumer Inflation increased by 4.2%.
According to GlobalData, Singapore recorded an inflation rate of 2.3% in 2021 compared to -0.2% in 2020. According to the Monetary Authority of Singapore, inflation increased mainly due to increased prices in airfare. As per GlobalData, the inflation rate is forecast to increase to 3.9% in 2022.
Factors that Impact Inflation Rate
Some of the major factors affecting consumer prices are government policies, money supply, consumer spending, employment levels, high disposable income, and wage levels. Interest rates can also have a significant impact on spending on consumer goods.
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