Producer and International Trade Price Indices

The 2023-based series are compiled using the Laspeyres formula, where the price and weight reference periods are aligned to the year 2023. The weights for the imported and exported products are derived from international merchandise trade statistics (merchandise imports and exports respectively) in 2023. Monthly prices are collected from selected importers and exporters. 

As the International Trade Price indices are compiled on a monthly basis, the annual indices are derived by taking a simple average of the 12 months' indices for the year. 

The 2023-based series are compiled using the modified Laspeyres formula, where the weight reference period of 2022 preceded the price reference period of 2023. The weights for Singapore manufactured products are derived from production data collected in the 2022 Census of Manufacturing Activities.

On the other hand, the weights for the Domestic Supply Price Index are made proportionate to the combined value of retained imports and locally manufactured goods sold in the domestic market. 

As the Producer Price indices for Commodities are compiled on a monthly basis, the annual indices are derived by taking a simple average of the 12 months' indices for the year. 

They are calculated using the modified Laspeyres price index formula with fixed base weights, where the weights reference period precedes the price reference period. 

As the indices are compiled on a quarterly basis, the annual indices are derived by taking a simple average of the 4 quarters' indices for the year. 

The producer and international trade price indices are not available at the industry level. Producer and international trade price indices are compiled according to the commodity groups as defined by the international classification: Standard International Trade Classification (SITC) Rev. 4.1 

Base Year  

The base year is the period with which all the other periods are compared.  

The base year for Producer Price Indices is as follow: 

Accounting Services Price Index 

The Accounting Services Price Index (ASPI) measures changes in the prices of accounting and auditing services provided by Singapore-registered accounting companies. 

Cargo Handling Price Index 

The Cargo Handling Price Index (CHPI) measures changes in the prices of services provided by Singapore-registered cargo handling companies. 

Computer Consultancy & Information Services Price Index 

The Computer Consultancy & Information Services Price Index (CISPI) measures the changes in the prices of services produced by Singapore-registered information technology services providers. 

Domestic Supply Price Index 

The Domestic Supply Price Index (DSPI) monitors the price changes of locally manufactured goods and imports which are retained for use in the domestic economy. It gives an indication of the price trends of goods used in the domestic economy. 

Export Price Index 

The Export Price Index (EPI) tracks changes in the monthly prices of exported goods. The EPI is also used as price deflators to estimate the volume of international trade and to compile constant price National Accounts estimates. 

Freight Forwarding Price Index 

The Freight Forwarding Price Index (FFPI) measures changes in the prices for freight transport arrangement on behalf of a shipper, via air, sea and land transportation modes by Singapore-registered freight forwarding companies and non-vessel operating common carriers. 

Import Price Index 

The Import Price Index (IPI) tracks changes in the monthly prices of imported goods. The IPI is also used as price deflators to estimate the volume of international trade and to compile constant price National Accounts estimates.

Postal & Courier Price Index 

The Postal & Courier Price Index (PCPI) measures changes in the prices of services provided by Singapore-registered postal and courier companies. 

Price Index 

A composite measure of the prices of items expressed relative to a defined base period. 

Sea Freight Transport Price Index 

The Sea Freight Transport Price Index (SFTPI) measures changes in the prices of transporting seaborne freight by Singapore-registered ship operators. 

Singapore Manufactured Products Price Index 

The Singapore Manufactured Products Price Index (SMPPI) measures the changes in the prices of goods produced by manufacturers in Singapore for sale in the domestic and international markets. It is used as a price deflator of manufacturing output in the compilation of the monthly Index of Industrial Production. 

Telecommunications Services Price Index  

The Telecommunications Services Price Index (TSPI) measures changes in the prices of telecommunications services produced by Singapore-registered telecommunications services providers. 

Warehousing & Storage Price Index 

The Warehousing & Storage Price Index (WSPI) measures changes in the prices of services produced by Singapore-registered warehousing and storage companies.