A power supply apparatus is provided which includes: a first switch provided between an inductor and a terminal to which a reference voltage is applied; a second switch provided between the inductor and an output terminal; a first comparator circuit that compares an input voltage with a first comparison voltage; a signal generating circuit that outputs a frequency signal according to an output from the first comparator circuit; and a first control circuit that controls the first and second switches based on an output from the signal generating circuit to control an electrical current flowing into the inductor.