Inflation Calculator Singapore (2026)

Over the past 25 years, Singapore's average annual headline CPI inflation has hovered around 1.8%–2.2%, though it varies sharply by year. The 2010s averaged about 1.2% due to low global commodity prices and periods of mild deflation in 2015–2016, while 2022–2023 saw a sharp spike driven by post-pandemic supply shocks, energy prices, and the 2023 GST hike. MAS targets price stability over the medium term rather than a fixed annual rate.

Singapore inflation is measured by the Consumer Price Index (CPI), published monthly by the Department of Statistics (SingStat). Headline CPI tracks a basket of household goods and services — food, housing, transport, education, healthcare. The Monetary Authority of Singapore (MAS) also tracks MAS Core Inflation, which excludes accommodation and private transport costs to gauge underlying price pressures the central bank can influence through monetary policy.

Singapore headline CPI inflation peaked around 6.1% in 2022 — the highest in over a decade — driven by global energy and food prices, supply chain disruptions, and tight labour markets. In 2023, inflation eased to roughly 4.8% but remained elevated, partly because the GST rate rose from 7% to 8% in January 2023. The GST stepped up again to 9% in January 2024, adding incremental price pressure that year.

Even modest inflation compounds. At 2.5% a year, prices double in about 28 years — so $5,000 today buys what $2,500 bought a generation ago. When real wage growth (nominal wage growth minus inflation) is low or negative, your purchasing power falls even as the headline salary number rises. Singapore's MOM publishes real wage data alongside nominal figures specifically to capture this gap.

CPF Special, MediSave, and Retirement Account balances earn at least 4.0% p.a. (with extra 1% on the first $60,000), which has typically exceeded long-run Singapore inflation. CPF Ordinary Account pays at least 2.5% — closer to long-run inflation but often below in high-inflation years like 2022. The CPF system is designed to deliver real (inflation-beating) returns over the long term, though short-term inflation spikes can erode purchasing power of OA balances.

Headline CPI measures all consumer prices including volatile items like fresh food, fuel, and accommodation. MAS Core Inflation strips out accommodation and private transport costs, since these are heavily influenced by government policy (COE, property cooling measures) and supply factors outside monetary policy reach. Core inflation is a better signal of underlying domestic price pressures and is what MAS targets when adjusting the Singapore dollar nominal effective exchange rate (S$NEER) policy band.

Common inflation hedges accessible to Singapore residents include: (1) CPF SA/MA at 4%+ — government-guaranteed and inflation-beating long-term; (2) Singapore Savings Bonds (SSB) — capital-protected, rates linked to long-term SGS yields; (3) T-bills and SGS bonds — currently yielding above CPI; (4) Diversified equities — historically outpace inflation over 10+ year horizons but carry volatility risk; (5) Property — has hedged inflation well in Singapore over the long run but cooling measures and high entry costs make it less accessible. Cash in low-yield savings accounts typically loses purchasing power to inflation.

Singapore has historically had lower and less volatile inflation than the US. Over the past 20 years, Singapore averaged around 1.8% headline CPI vs about 2.5% for the US. Both spiked in 2022 — US peaked around 8% mid-year while Singapore peaked around 6% — but Singapore's strong S$ policy stance and high import dependency on cheaper supply sources have generally kept long-run inflation lower. The 2023 and 2024 GST hikes did push Singapore's effective inflation higher in those years.