Singapore's annual inflation rate increased to 6.7% in June 2022 from May of 5.6%, pointing to the highest level since September 2008, and beating market estimates of 6.2%. Main upward pressure came from cost of food (5.4% vs 4.5% in May); clothing (5.4% vs 2.2%); housing (5.5% vs 5.0%), mostly due to utilities & other fuels; healthcare (1.9% vs 1.3%), led by hospital services; transport (18.8% vs 15.5%), due to private transport; recreation & culture (3.5% vs 3.5%), led by holiday expenses and recreational & cultural services; and education (5.1% vs 2.4%), driven by tuition & other fees. By contrast, cost of communication fell more (-1.1% vs -0.8%). Core consumer prices climbed 4.4% yoy, the most since November 2008, and above market consensus of 4.2%. On a monthly basis, consumer prices were up 1.0% in June, the same as in May. The government expects 2022 annual 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 2.52 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 August of 2022.
Inflation Rate in Singapore is expected to be 6.40 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 4.00 percent in 2023 and 3.00 percent in 2024, according to our econometric models.