Singapore Inflation Eases to 2.4% in 2024, Lowest in Two Years

Despite overall relief, lowest-income households face the highest inflationary impact at 2.7%, driven by rising essential costs.

Singapore's core inflation fell to 1.8% in December 2024, the lowest since November 2021, reflecting easing pressures on services and transport costs.
Overall inflation for 2024 averaged 2.4%, down significantly from 4.8% in 2023, marking a two-year low for the city-state.
The lowest 20% of income households experienced a sharper inflation increase of 2.7%, compared to 2.5% for middle-income and 2.1% for the highest-income groups.
Key drivers of inflation included higher costs for food, accommodation, healthcare, and public transport, while declining vehicle prices helped ease inflation for wealthier households.
Authorities project further easing of inflation in 2025, supported by favorable global commodity prices, a stronger Singapore dollar, and moderated domestic labor cost growth.