Singaporeans’ inflation expectations have reached their lowest point since 2021, according to the latest Singapore Index of Inflation Expectations (SInDEx) survey conducted by the Singapore Management University (SMU) and DBS Group Research. The survey, which polled around 500 individuals, found that the One-year-Ahead headline inflation expectations dropped to 3.5% in June 2025, down from 3.8% in March 2025.
The survey also revealed that the overall aggregated Consumer Price Index (CPI) inflation expectations slightly decreased to 4.9% in June 2025 from 5% in March 2025. Notably, the expectations for major CPI components such as Food, Transportation, and Healthcare remained unchanged at 5%, whilst categories like Recreation, Sport & Culture, and Clothing & Footwear saw a decline.
The survey also explored the impact of global economic developments on Singapore’s growth, with respondents anticipating a slight negative impact over the next 12 months. Despite this, 50.3% of those surveyed expect inflation to decline, citing factors such as a slowdown in global growth and trade policy uncertainties.
As Singaporeans adjust to post-pandemic consumption patterns, the survey suggests that inflation expectations may continue to stabilise, reflecting a cautious yet optimistic outlook for the nation’s economic future.
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