Free Singapore Inflation Calculator

Inflation is an increase in the general level of prices of goods and services over time. When inflation rises, each dollar you have buys fewer goods and services than before – this is called a decline in purchasing power. For example, if inflation is 2%, something that cost $100 last year would cost $102 this year. The Monetary Authority of Singapore (MAS) aims to maintain medium-term price stability because low and stable inflation supports sustainable economic growth and helps households and businesses plan for the future. Singapore has maintained an average inflation rate of about 2.6% per annum since 1961.

The Consumer Price Index (CPI) is Singapore's principal measure of household inflation, compiled by the Department of Statistics Singapore (DOS). It tracks the percentage change in the price of a "basket" of goods and services that Singapore resident households typically purchase. The CPI is published monthly, typically on the 23rd of each month. The current series uses 2024 as its base year (2024 = 100), following the latest rebasing exercise. The CPI basket includes 6,800 brands/varieties from approximately 4,200 outlets, classified into 10 main expenditure categories based on the Classification of Individual Consumption According to Purpose (COICOP).

The 2024-based CPI basket includes 6,800 items across 10 categories. The largest weights are: Housing & Utilities (29.4%), Food (20.4%), Transport (13.1%), Health (10.1%), and Recreation, Sport & Culture (5.9%). Other categories include Education (5.8%), Household Durables & Services (5.5%), Miscellaneous Goods & Services (4.4%), Information & Communication (3.8%), and Clothing & Footwear (1.6%). These weights reflect how much Singapore households spend on each category – items households spend more on have larger weights. DOS rebases the CPI every five years using data from the Household Expenditure Survey (HES).

Unlike most central banks that use interest rates, MAS conducts monetary policy by managing the Singapore Dollar Nominal Effective Exchange Rate (S$NEER). The S$NEER is a trade-weighted basket of currencies from Singapore's major trading partners. MAS allows the S$NEER to float within a policy band and adjusts the band's slope (rate of appreciation), width, and centre level to ensure medium-term price stability. This exchange rate-centred approach is effective for Singapore because it's a small, highly open economy where imports and exports exceed 300% of GDP and almost 40 cents of every dollar spent domestically goes to imports.

As of November 2025, the annual CPI-All Items inflation rate was 1.2%, unchanged from October. Key contributors included: Health (+4.4%), Transport (+3.2%), Food (+1.2%), and Education (+1.1%). Some categories showed deflation: Information & Communication (-2.0%) and Clothing & Footwear (-0.5%). The MAS Core Inflation measure (which excludes accommodation and private transport) was also 1.2% in November. Monthly, consumer prices rose by 0.2%. Inflation has fallen substantially from its September 2022 peak of 7.5%.

CPI-All Items (headline inflation) includes all 10 expenditure categories. MAS Core Inflation excludes the costs of Accommodation and Private Transport from CPI-All Items. These are excluded because they tend to be significantly influenced by supply-side administrative policies that can be volatile. Imputed rentals (the largest part of accommodation) have no impact on the cash expenditure of most households since they own their homes. Private transport costs are affected by COE prices and vehicle quotas. In November 2025, both measures were at 1.2%. DOS also publishes "CPI-All Items less Imputed Rentals" as an additional indicator.

Inflation in Singapore is driven by two main channels: 1) Imported inflation – changes in S$ prices of imported goods from exchange rate fluctuations and global commodity prices. This is significant because Singapore imports almost everything. 2) Domestic factors – including labour costs, business operating costs, and domestic demand-supply conditions. Recent inflation trends have been influenced by global supply chain disruptions, energy prices, and domestic cost pressures. Government subsidies on healthcare, education, and public transport also affect measured inflation. MAS expects imported costs to keep falling, though administrative factors dampening inflation may taper in coming quarters.

MAS manages the S$NEER within a policy band characterised by "Basket, Band, and Crawl." When inflation is too high, MAS steepens the appreciation path (allows the S$ to strengthen faster), making imports cheaper and reducing price pressures. When inflation is too low, MAS flattens or reduces the slope. In 2025, MAS eased monetary policy twice (January and April) by slightly reducing the slope of appreciation as inflation came under control, then maintained the prevailing rate from July onwards. As of October 2025, MAS is maintaining the current appreciation rate with no change to the band's width or centre level.

Housing & Utilities has the largest CPI weight at 29.4%. The main component is Imputed Rentals for Housing – reflecting the cost to homeowners of using their home's services over time, proxied by market rentals. In November 2025, Housing & Utilities rose by only +0.2% annually. The CPI for Housing Maintenance & Repairs takes into account S&CC (Service & Conservancy Charges) rebates for HDB residents. Because most Singaporeans own their homes (about 90%), imputed rentals don't affect their actual cash expenditure – this is why MAS Core Inflation excludes accommodation to show the inflation impact on household spending.

Food makes up 20.4% of the CPI basket – the second largest category. In November 2025, Food inflation was +1.2% annually. Unlike most countries, Singapore's MAS Core Inflation includes non-cooked food prices (rather than excluding them as "unprocessed food") because they reflect genuine cost pressures in this import-dependent economy. Singapore imports over 90% of its food, making prices highly sensitive to global commodity markets, supply chain conditions, and exchange rate movements. Food prices are closely watched as they directly affect household budgets, especially for lower-income families.

Yes. DOS publishes CPI by household income groups: Lowest 20%, Middle 60%, and Highest 20%. Different income groups have different spending patterns, so they experience inflation differently. In 2024, the highest 20% income group saw the smallest CPI increase (excluding accommodation) because: lower prices for cars had a larger dampening effect (cars are a bigger share of their spending); and food/transport price increases had less impact proportionally. Lower-income households spend a larger share on food and public transport, making them more sensitive to price changes in these necessities.

The CPI is published monthly by the Department of Statistics on the 23rd of each month (or the following working day if it falls on a weekend or public holiday). This provides timely data for policymakers and the public. DOS also publishes a joint statement with MAS on consumer price developments. The CPI is compiled using prices collected from approximately 4,200 outlets. For longer periods like yearly CPI, the figure is derived by taking a simple average of the 12 monthly indices. The base year is updated every five years – the current series uses 2024 as the base year (2024 = 100).

The CPI represents an average across all Singapore resident households, but individual spending patterns vary. Your personal inflation experience differs based on: 1) What you buy – if you spend more on items rising faster than average, your personal inflation is higher; 2) Where you shop – prices vary between outlets; 3) Housing status – homeowners don't feel imputed rent changes, while renters do; 4) Transport choices – car owners face different costs than public transport users. DOS publishes an infographic explaining why reported inflation may differ from personal experience.

As of October 2025, MAS is maintaining the prevailing rate of appreciation of the S$NEER policy band, with no change to its width or centre level. MAS eased monetary policy twice in early 2025 (January and April) by slightly reducing the slope of appreciation as inflation came under control, then held steady in July and October. With MAS Core Inflation expected to trough near term and rise gradually through 2026 as temporary dampening factors fade, MAS is "in an appropriate position to respond effectively to any risk to medium-term price stability." The next MAS Monetary Policy Statement is due in January 2026.

Singapore's highest recorded inflation was approximately 30% in the first half of 1974, driven by the first global oil crisis when OPEC quadrupled oil prices. Another spike occurred near 10% in late 1980 following the second oil shock. More recently, inflation peaked at 7.5% in August-September 2022 during the post-pandemic supply chain crisis. Over the past 30 years (1994-2024), the highest annual inflation was 6.6% in 2008 during the Global Financial Crisis buildup. Singapore also experienced deflation of -0.5% in 2015 and 2016 due to weak economic growth and falling oil prices.

Singapore uses the exchange rate as its monetary policy tool because it's a small, highly open economy. Gross exports and imports exceed 300% of GDP, and almost 40 cents of every dollar spent domestically goes to imports. This means the exchange rate has a significantly stronger influence on inflation than interest rates. A stronger Singapore dollar makes imports cheaper, directly reducing price pressures. Since MAS uses the exchange rate as its policy tool and Singapore has open capital markets, domestic interest rates are largely determined by foreign rates and expectations of S$ movements – MAS doesn't have direct control over them.

Inflation erodes the real value of money. If you have $10,000 earning 2% interest but inflation is 3%, your purchasing power actually decreases by 1% per year. CPF provides some protection: the Ordinary Account earns 2.5% (or higher based on 3-month average of major local banks' interest rates), Special/Medisave/Retirement Accounts earn 4%, and the first $60,000 earns an extra 1%. With current inflation at 1.2%, CPF returns currently exceed inflation, providing positive real returns. However, bank savings accounts typically offer lower rates – it's important to compare returns against inflation to understand if your savings maintain purchasing power.

Singapore's GST increased in two stages: from 7% to 8% on 1 January 2023, and from 8% to 9% on 1 January 2024. These increases added to headline inflation in 2023 and 2024. MAS and DOS often report inflation figures both including and excluding the impact of GST hikes to show underlying price pressures. Excluding GST effects, core inflation was estimated to have fallen below 1.5% by Q4 2024. The government provided GST Vouchers and other support measures to help offset the impact on households, especially lower-income groups. By late 2025, the direct GST impact has largely passed through.

MAS projects CPI-All Items inflation to average 1.5–2.5% in 2025 and MAS Core Inflation to average 1–2% for 2025. Core inflation should trough in the near term and rise gradually through 2026 as temporary factors dampening inflation (like government subsidies and lower imported costs) fade. For 2026, inflation is expected to settle within normal ranges as the output gap narrows to around 0%. Key uncertainties include global trade policy developments, AI-driven investment impacts, and the pace of any renewed cost pressures. MAS remains vigilant and is positioned to respond to risks to medium-term price stability.

An inflation calculator helps you understand how prices have changed over time. You can use it to: 1) Calculate what something that cost $100 in 1990 would cost today (adjusting for inflation); 2) See how much your salary needs to increase to maintain the same purchasing power; 3) Understand the real value of historical prices. Since 2004, Singapore's CPI-All Items has increased by about 52%, meaning $100 in 2004 equals approximately $152 today. From 1961 to 2024, cumulative inflation was about 382%, meaning $100 in 1961 equals about $482 today. Our free Singapore inflation calculator uses official DOS data covering Singapore's full inflation history.