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Consumer Price Index

The Consumer Price Index (CPI) is designed to measure the average price changes of a fixed basket of consumption goods and services commonly purchased by resident households over time. It measures price movements (i.e., changes in prices) but not absolute price levels at a point in time. The weighting pattern for the 2024-based CPI was derived from the expenditure values obtained from the Household Expenditure Survey (HES) 2023, and updated to 2024 values by taking into account price changes between 2023 and 2024.

As the CPI is compiled on a monthly basis, the yearly index is derived by taking a simple average of the 12 months’ indices for the year.

Average Retail Prices of Selected Consumer Items

The price data used in the compilation of the CPI are obtained from a wide range of retailers and service providers commonly patronised by resident households. 

Average retail prices of selected consumer goods are released to allow users to track price changes at more detailed levels.

Prices of items starting from January 2024 are based on the 2024-based CPI basket. While they are indicative of the average transaction price levels in the same base period, they are not a measure of pure price movements across CPI baskets due to changes in the sample of brands/varieties and outlets priced.

Data

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Key Indicators
Item Legend Latest Period Latest Data % Change
(Y-o-Y)  1/
Previous
Period Data
% Change
(Y-o-Y)  2/
Prices and Price Indices            
Consumer Price Index (2024 as Base Year) Feb-25 100.7 0.9 99.9 1.2
Consumer Price Index (2024 as Base Year) 2024 100.0 2.4 97.7 4.8
Domestic Supply Price Index (2023=100) Feb-25 103.7 5.1 104.5 5.5
Singapore Manufactured Products Price Index (2023=100) Feb-25 106.7 5.5 107.2 6.1
Import Price Index (2023=100) Feb-25 93.9 -3.3 95.4 -2.2
Export Price Index (2023=100) Feb-25 94.6 -3.3 95.1 -2.2
Accounting Services Price Index (2022=100) 4Q 2024 109.5 6.0 109.0 9.2
Accounting And Auditing Price Index (2022=100) 4Q 2024 110.0 6.6 109.4 10.1
Book-Keeping Price Index (2022=100) 4Q 2024 105.2 1.2 105.8 1.7
Cargo Handling Price Index (2022=100) 4Q 2024 102.1 -1.3 101.9 -1.1
Container Depot Services Price Index (2022=100) 4Q 2024 101.3 0.6 100.6 -0.1
Crane Services Price Index (2022=100) 4Q 2024 97.3 -3.9 97.4 -3.0
Stevedoring Services Price Index (2022=100) 4Q 2024 109.3 0.6 109.3 0.6
Computer Consultancy and Information Services Price Index (2022=100) 4Q 2024 103.9 1.2 103.6 1.0
Computer Programming And Consultancy Price Index (2022=100) 4Q 2024 104.8 1.5 104.6 1.5
Information Services And Online Marketplace Price Index (2022=100) 4Q 2024 102.5 0.7 101.9 0.2
Freight Forwarding Price Index (2022=100) 4Q 2024 84.5 7.7 85.3 7.7
Sea Freight Forwarding Price Index (2022=100) 4Q 2024 79.8 9.0 82.9 12.2
Air Freight Forwarding Price Index (2022=100) 4Q 2024 85.0 7.7 82.9 3.7
Land Freight Forwarding Price Index (2022=100) 4Q 2024 141.1 -0.8 140.8 -0.9
Sea Freight Transport Price Index (2022=100) 4Q 2024 80.9 12.8 88.3 27.5
Containerised Freight Transport Price Index (2022=100) 4Q 2024 71.3 29.7 82.6 49.1
Dry Bulk Freight Transport Price Index (2022=100) 4Q 2024 92.2 16.8 96.4 29.9
Liquid Bulk And Gas Freight Transport Price Index (2022=100) 4Q 2024 83.7 -6.5 88.3 4.1
Telecommunications Services Price Index (2022=100) 4Q 2024 100.5 -1.1 100.8 -0.6
Wired And Wireless Telecommunications Services Price Index (2022=100) 4Q 2024 101.8 1.5 101.4 2.6
Internet Access Providers And Other Telecommunications Services Price Index (2022=100) 4Q 2024 99.7 -2.7 100.4 -2.6
Warehousing and Storage Price Index (2022=100) 4Q 2024 110.5 3.9 108.9 2.8
General And Refrigerated Warehousing Price Index (2022=100) 4Q 2024 112.9 4.6 112.1 4.6
Dangerous Goods Storage Price Index (2022=100) 4Q 2024 107.5 3.0 104.9 0.6

Consumer Price Index (CPI)/ Inflation Rate

Title : Consumer Price Index (CPI), 2024 As Base Year, Annual

Index

Data Items

2017
2018
2019
2020
2021
2022
2023
2024

All Items

85.084
85.457
85.942
85.794
87.781
93.163
97.666
100

Food

82.006
83.185
84.449
86.018
87.266
91.902
97.24
100

Food Excl Food & Beverage Serving Services

83.367
84.455
85.408
87.865
89.266
93.966
98.79
100

Clothing & Footwear

103.649
105.145
104.343
100.624
95.449
98.194
100.576
100

Housing & Utilities

89.309
88.115
87.242
86.991
88.2
92.829
96.835
100

Household Durables & Services

92.487
93.174
93.88
94.168
95.57
97.418
99.289
100

Health

87.628
89.436
90.49
89.099
90.108
92.083
96.238
100

Transport

73.964
73.582
74.156
73.619
80.116
93.258
99.157
100

Information & Communication

100.009
99.163
97.791
98.113
97.442
96.625
99.253
100

Recreation, Sport & Culture

84.277
85.415
86.802
85.224
86.299
90.266
96.296
100

Education

87.154
89.633
91.714
91.176
92.344
94.32
96.907
100

Miscellaneous Goods & Services

95.539
96.51
96.849
95.703
95.214
95.785
98.685
100

Food & Beverage Serving Services

81.332
82.562
83.997
85.146
86.322
90.927
96.508
100

All Items Less Accommodation * Accommodation, one of the groups in the Housing & Utilities expenditure division of the CPI, comprises Actual Rentals for Housing, Imputed Rentals for Housing, as well as Housing Maintenance & Repairs. A significant share of the Accommodation group is Imputed Rentals for Housing, which reflects the costs to homeowners of utilising the flow of services provided by their homes over an extended period of time. Given that the cost of using housing services is not directly observed for homeowners, it is computed based on the imputed rental concept under the rental equivalence method, i.e., proxied by market rentals of similar properties. This provides an estimated rental value for the owned home, as though the homeowner were renting it from themselves. Housing price is not considered in the CPI as it has a high investment component and is treated as a capital good. As for the CPI for Housing Maintenance & Repairs, it takes into account the rebates for Service & Conservancy Charges (S&CC) disbursed to households living in Housing and Development Board (HDB) flats in the applicable months. Imputed Rentals have no impact on the cash expenditures of most households in Singapore as they already own their homes, while the inclusion of S&CC rebates results in some volatility in the monthly CPI. As such, the CPIs for All Items less Accommodation and All Items less Imputed Rentals for Housing are compiled and published as additional indicators. For the CPI for All Items less Imputed Rentals for Housing, actual rentals paid on rented units are still included in the measure.

83.578
84.712
85.511
85.228
87.414
93.238
97.823
100

All Items Less Imputed Rentals For Housing * Accommodation, one of the groups in the Housing & Utilities expenditure division of the CPI, comprises Actual Rentals for Housing, Imputed Rentals for Housing, as well as Housing Maintenance & Repairs. A significant share of the Accommodation group is Imputed Rentals for Housing, which reflects the costs to homeowners of utilising the flow of services provided by their homes over an extended period of time. Given that the cost of using housing services is not directly observed for homeowners, it is computed based on the imputed rental concept under the rental equivalence method, i.e., proxied by market rentals of similar properties. This provides an estimated rental value for the owned home, as though the homeowner were renting it from themselves. Housing price is not considered in the CPI as it has a high investment component and is treated as a capital good. As for the CPI for Housing Maintenance & Repairs, it takes into account the rebates for Service & Conservancy Charges (S&CC) disbursed to households living in Housing and Development Board (HDB) flats in the applicable months. Imputed Rentals have no impact on the cash expenditures of most households in Singapore as they already own their homes, while the inclusion of S&CC rebates results in some volatility in the monthly CPI. As such, the CPIs for All Items less Accommodation and All Items less Imputed Rentals for Housing are compiled and published as additional indicators. For the CPI for All Items less Imputed Rentals for Housing, actual rentals paid on rented units are still included in the measure.

83.909
84.979
85.755
85.492
87.602
93.254
97.787
100
SOURCE : SINGAPORE DEPARTMENT OF STATISTICS

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Price Changes and the Consumer Price Index

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Producer Price Indices

The Producer Price Indices (PPIs) measure the rate of change in prices of products (i.e., goods & services) produced by establishments. These are measured at basic prices reflecting the amount received by the producers exclusive of any taxes on products and transport and trade margins. PPIs provide measures of average movement of prices received by the producers of various goods and services. It consists of various International Trade and Producer Price Indices for Commodities and Services Producer Price Indices.

International Trade Price Indices

The Import & Export Price Indices (IPI & EPI) track the price movements of imported and exported goods. Prices for imported products are valued at ‘CIF’ (Cost, Insurance and Freight) and prices for exported products are valued at ‘FOB’ (Free On Board). 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. 

The 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.

 

Data

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International Trade Producer Price Indices (EPI and IPI)

Title : Import Price Index, By Commodity Section (1-Digit Level), Base Year 2023 = 100, Annual

Index

Data Items

2017
2018
2019
2020
2021
2022
2023
2024

Import Price Index - Overall Items

85.93
90.145
89.213
82.956
92.598
105.928
100
96.097

Food & Live Animals

88.066
87.044
88.38
89.574
91.766
99.744
100
103.026

Beverages & Tobacco

82.107
81.926
82.249
80.172
87.153
89.521
100
97.288

Crude Materials (Excl Fuels)

88.598
88.161
89.202
89.746
92.343
97.896
100
95.727

Mineral Fuels, Lubricants & Related Materials

65.7
82.421
76.986
54.068
85.678
119.49
100
97.641

Animal & Vegetable Oils Fats & Waxes

82.975
72.326
65.368
74.543
108.169
126.438
100
92.337

Chemicals & Chemical Products

90.505
93.578
92.268
91.189
96.974
103.143
100
97.459

Manufactured Goods

85.336
88.49
88.421
88.286
97.227
104.553
100
96.1

Machinery & Transport Equipment

97.036
94.991
96.21
96.191
94.888
100.06
100
93.871

Miscellaneous Manufactured Articles

92.562
91.088
92.949
96.51
96.915
99.294
100
101.469

Non-Oil Import Price Index

94.099
93.198
94.047
94.375
95.333
100.567
100
95.637
SOURCE : SINGAPORE DEPARTMENT OF STATISTICS

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Producer Price Indices for Commodities

The Singapore Manufactured Products Price Index (SMPPI) measures the changes in the prices of goods manufactured by local manufacturers, while the Domestic Supply Price Index (DSPI) monitors the price changes of commodities, either locally manufactured or imported from abroad, which are retained for use in the domestic economy. 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. The 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.

Data

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Producer Price Indices (DSPI, SMPPI and SPPI)

Title : Domestic Supply Price Index, By Commodity Section (1-Digit Level), Base Year 2023 = 100, Annual

Index

Data Items

2017
2018
2019
2020
2021
2022
2023
2024

Domestic Supply Price Index - Overall Items

83.406
88.752
85.865
78.424
90.364
107.209
100
98.739

Food & Live Animals

86.895
86.017
87.144
89.093
91.007
98.502
100
102.454

Beverages & Tobacco

83.156
84.077
85.806
87.492
87.97
96.366
100
97.765

Crude Materials (Excl Fuels)

83.453
84.49
83.1
82.165
88.854
99.164
100
97.533

Mineral Fuels, Lubricants & Related Materials

65.809
82.592
76.77
53.168
84.637
119.16
100
96.725

Animal & Vegetable Oils Fats & Waxes

81.959
71.805
65.254
74.355
107.741
126.885
100
92.08

Chemicals & Chemical Products

96.621
101.167
95.245
88.733
97.133
106.022
100
97.324

Manufactured Goods

83.868
86.647
87.944
88.561
96.759
104.049
100
97.217

Machinery & Transport Equipment

92.567
90.603
88.981
88.818
90.945
101.575
100
101.031

Miscellaneous Manufactured Articles

91.965
90.774
91.71
94.399
95.202
99.057
100
96

Non-Oil Domestic Supply Price Index

91.571
91.387
89.755
89.226
92.813
102.098
100
99.541
SOURCE : SINGAPORE DEPARTMENT OF STATISTICS

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Producer Price Indices for Services

The Services Producer Price Indices (SPPIs) measure changes in the average prices of services produced by establishments, for selected industries of the Singapore economy. The prices captured reflect the amount received by a producer, exclusive of any taxes. The SPPIs are aligned to the Singapore Standard Industrial Classification. They are calculated using the modified Laspeyres price index formula with fixed base weights, where the weights reference period precedes the price reference period.

The following SPPIs are compiled on a quarterly basis:

  • Sea Freight Transport Price Index (SFTPI), 2022 as Base Year
  • Warehousing and Storage Price Index (WSPI), 2021 as Base Year
  • Cargo Handling Price Index (CHPI), 2021 as Base Year
  • Freight Forwarding Price Index (FFPI), 2022 as Base Year
  • Telecommunications Services Price Index (TSPI), 2021 as Base Year
  • Computer Consultancy and Information Services Price Index (CISPI), 2021 as Base Year
  • Accounting Services Price Index (ASPI), 2022 as Base Year

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.

Data

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Services Producer Price Indices

Title : Services Producer Price Indices, By Index, Quarterly

Index

Data Items

2023 2Q
2023 3Q
2023 4Q
2024 1Q
2024 2Q
2024 3Q
2024 4Q

Accounting Services Price Index

100.6
99.9
103.3
106.2
107.4
109
109.5

Accounting And Auditing Price Index

100.2
99.4
103.2
106.5
107.6
109.4
110

Book-Keeping Price Index

104
104
103.9
104.5
105.1
105.8
105.2

Cargo Handling Price Index

102.8
103
103.4
103.8
104
101.9
102.1

Container Depot Services Price Index

100.4
100.6
100.6
100.6
100.6
100.6
101.3

Crane Services Price Index

100.3
100.4
101.3
102.1
102.1
97.4
97.3

Stevedoring Services Price Index

108.4
108.7
108.7
108.7
109.3
109.3
109.3

Computer Consultancy And Information Services Price Index

102.1
102.6
102.7
102.3
103.5
103.6
103.9

Computer Programming And Consultancy Price Index

102.9
103.1
103.3
103.4
105.1
104.6
104.8

Information Services And Online Marketplace Price Index

100.6
101.8
101.8
100.6
101
101.9
102.5

Freight Forwarding Price Index

82.8
79.2
78.4
76.5
82.5
85.3
84.5

Sea Freight Forwarding Price Index

77.8
73.9
73.2
70
80.8
82.9
79.8

Air Freight Forwarding Price Index

83.5
79.9
78.9
78.6
79
82.9
85

Land Freight Forwarding Price Index

141.1
142.2
142.2
142
141.5
140.8
141.1

Sea Freight Transport Price Index

72.9
69.2
71.7
77.9
82.9
88.3
80.9

Containerised Freight Transport Price Index

56.7
55.4
55
64.9
70.5
82.6
71.3

Dry Bulk Freight Transport Price Index

75.8
74.2
79
79.7
88.4
96.4
92.2

Liquid Bulk And Gas Freight Transport Price Index

94.4
84.9
89.6
95.6
96
88.3
83.7

Telecommunications Services Price Index

102.4
101.4
101.6
102.1
101
100.8
100.5

Wired And Wireless Telecommunications Services Price Index

98.4
98.9
100.3
100.9
100.2
101.4
101.8

Internet Access Providers And Other Telecommunications Services Price Index

105
103.1
102.5
102.9
101.5
100.4
99.7

Warehousing And Storage Price Index

104.2
105.9
106.4
107.7
107.6
108.9
110.5

General And Refrigerated Warehousing Price Index

106
107.2
107.9
108.4
109.9
112.1
112.9

Dangerous Goods Storage Price Index

101.9
104.3
104.4
106.7
104.7
104.9
107.5
SOURCE : SINGAPORE DEPARTMENT OF STATISTICS

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Other Price Indices

The Building and Construction Authority (BCA) compiles data on construction material market prices using the average market prices of construction materials for the respective years.

 

The Housing and Development Board (HDB) compiles the Price Index of HDB Resale Flats, while the Urban Redevelopment Authority (URA) compiles the Private Residential Property Price Index and Commercial Property Price and Rental Indices. Since the fourth quarter of 2013, the Industrial Property Price Index, previously released by URA, has been compiled by the JTC Corporation.

Data

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Definitions

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Other References

Consumer Price Index
Rebasing of The Consumer Price Index (2024 as Base Year) View
Producer Price Indices and International Trade Price Indices
Rebasing of Singapore Manufactured Products and Domestic Supply Price Indices (Base Year 2023 = 100) View
Rebasing of the Import and Export Price Indices (Base Year 2023=100) View
Services Producer Price Indices
Services Producer Price Indices View

External Sources

Construction Material Market Prices
Building and Construction Authority View
Price Index of HDB Resale Flats
Housing and Development Board View
Private Residential Property Price Index and Commercial Property Price and Rental Indices
Urban Redevelopment Authority View
Industrial Property Price Index
JTC Corporation View