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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 movement (i.e., change in prices) but not absolute price level at a point in time. The weighting pattern for the 2019-based CPI was derived from the expenditure values obtained from the Household Expenditure Survey (HES) conducted between October 2017 and September 2018, and updated to 2019 values by taking into account price changes between 2017/18 and 2019.

The CPI is compiled on a monthly basis. The annual CPI is derived by taking a simple average of the 12 months’ indices for the year.

Average Retail Prices of Selected Consumer Items

Retail prices of selected consumer items are obtained from a wide range of retailers and service providers commonly patronised by resident households. 

Prices of items starting from January 2019 are based on the 2019-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 (2019 as Base Year) May-24 113.0 3.1 115.8 2.7
Consumer Price Index (2019 as Base Year) 2023 113.6 4.8 108.4 6.1
Domestic Supply Price Index (2023=100) May-24 101.5 2.6 102.2 2.0
Singapore Manufactured Products Price Index (2023=100) May-24 101.2 3.6 101.9 3.3
Import Price Index (2023=100) May-24 97.7 -1.7 99.3 -1.4
Export Price Index (2023=100) May-24 98.2 -0.1 98.9 -1.1
Accounting Services Price Index (2022=100)  1Q 2024 103.2 0.6 103.3 4.9
Accounting And Auditing Price Index (2022=100)  1Q 2024 103.1 0.7 103.3 5.1
Book-Keeping Price Index (2022=100)  1Q 2024 104.1 0.0 103.9 3.4
Cargo Handling Price Index (2021=100)  1Q 2024 103.8 1.3 103.4 0.6
Container Depot Services Price Index (2021=100)  1Q 2024 100.6 0.3 100.6 -0.1
Crane Services Price Index (2021=100)  1Q 2024 102.1 2.1 101.3 1.3
Stevedoring Services Price Index (2021=100)  1Q 2024 108.7 1.0 108.7 0.2
Computer Consultancy and Information Services Price Index (2021=100)  1Q 2024 102.2 1.1 102.7 0.1
Computer Programming And Consultancy Price Index (2021=100)  1Q 2024 103.3 1.9 103.3 -0.1
Information Services And Online Marketplace Price Index (2021=100)  1Q 2024 100.4 -0.3 101.8 0.5
Freight Forwarding Price Index (2022=100)  1Q 2024 76.5 -12.2 78.4 -16.3
Sea Freight Forwarding Price Index (2022=100)  1Q 2024 70.0 -13.5 73.2 -18.4
Air Freight Forwarding Price Index (2022=100)  1Q 2024 78.6 -13.7 78.9 -19.1
Land Freight Forwarding Price Index (2022=100)  1Q 2024 142.0 9.8 142.2 32.7
Sea Freight Transport Price Index (2022=100)  1Q 2024 77.2 -4.2 71.7 -24.7
Containerised Freight Transport Price Index (2022=100)  1Q 2024 65.0 10.5 55.0 -26.1
Dry Bulk Freight Transport Price Index (2022=100)  1Q 2024 80.2 7.8 79.0 -12.3
Liquid Bulk And Gas Freight Transport Price Index (2022=100)  1Q 2024 92.6 -22.8 89.6 -32.3
Telecommunication Services Price Index (2021=100)  1Q 2024 102.2 -0.4 101.6 -0.9
Wired And Wireless Services Price Index (2021=100)  1Q 2024 101.0 1.4 100.3 -1.9
Internet Access Providers And Other Telecommunication Services Price Index (2021=100)  1Q 2024 102.9 -1.6 102.5 -0.2
Warehousing and Storage Price Index (2021=100)  1Q 2024 107.7 4.6 106.4 4.4
General And Refrigerated Warehousing Price Index (2021=100)  1Q 2024 108.4 4.3 107.9 4.7
Dangerous Goods Storage Price Index (2021=100)  1Q 2024 106.7 5.0 104.4 4.2

Consumer Price Index (CPI)/ Inflation Rate

Title : Consumer Price Index (CPI), 2019 As Base Year, Annual

Index

Data Items

2016
2017
2018
2019
2020
2021
2022
2023

All Items

98.436
99.004
99.438
100
99.818
102.119
108.37
113.595

Food

95.759
97.104
98.498
100
101.862
103.326
108.813
115.122

Food Excl Food Serving Services

96.366
97.608
98.87
100
102.898
104.546
110.088
115.75

Food Serving Services

95.427
96.828
98.294
100
101.367
102.744
108.204
114.822

Clothing & Footwear

98.744
99.345
100.777
100
96.16
90.845
93.416
95.75

Housing & Utilities

105.034
102.372
101.003
100
99.714
101.1
106.406
111.002

Household Durables & Services

97.419
98.45
99.227
100
100.285
101.766
103.842
105.793

Transport

97.228
99.756
99.235
100
99.27
108.055
125.793
133.752

Communication

101.387
101.951
100.924
100
100.681
100.095
98.896
101.781

Recreation & Culture

97.462
97.781
98.948
100
98.21
99.228
103.484
109.819

Education

92.145
94.924
97.661
100
99.37
100.633
102.747
105.544

Miscellaneous Goods & Services

98.53
98.67
99.635
100
98.823
98.282
98.739
101.772

All Items Less Imputed Rentals On Owner-Occupied Accommodation * Accommodation, one of the groups in the Housing & Utilities expenditure division of the CPI, comprises 'rented and owner-occupied accommodation', as well as 'housing maintenance & repairs'. A significant share of the Accommodation group is 'owner-occupied accommodation (OOA)' cost, 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. 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 HDB flats in the applicable months. Imputed rentals have no impact on the cash expenditure 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 CPI for 'All Items less accommodation' and 'All Items less imputed rentals on owner-occupied accommodation' are compiled and published as additional indicators. For 'All Items less imputed rentals on owner-occupied accommodation', actual rentals paid on rented homes are still included in the measure.

96.202
97.85
99.098
100
99.683
102.128
108.705
113.973

All Items Less Accommodation * Accommodation, one of the groups in the Housing & Utilities expenditure division of the CPI, comprises 'rented and owner-occupied accommodation', as well as 'housing maintenance & repairs'. A significant share of the Accommodation group is 'owner-occupied accommodation (OOA)' cost, 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. 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 HDB flats in the applicable months. Imputed rentals have no impact on the cash expenditure 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 CPI for 'All Items less accommodation' and 'All Items less imputed rentals on owner-occupied accommodation' are compiled and published as additional indicators. For 'All Items less imputed rentals on owner-occupied accommodation', actual rentals paid on rented homes are still included in the measure.

95.971
97.742
99.067
100
99.657
102.197
108.992
114.334
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

2016
2017
2018
2019
2020
2021
2022
2023

Import Price Index - Overall Items

81.187
85.93
90.145
89.213
82.956
92.598
105.928
100

Food & Live Animals

86.611
88.066
87.044
88.38
89.574
91.766
99.744
100

Beverages & Tobacco

81.573
82.107
81.926
82.249
80.172
87.153
89.521
100

Crude Materials (Excl Fuels)

86.257
88.598
88.161
89.202
89.746
92.343
97.896
100

Mineral Fuels, Lubricants & Related Materials

50.728
65.7
82.421
76.986
54.068
85.678
119.49
100

Animal & Vegetable Oils Fats & Waxes

79.998
82.975
72.326
65.368
74.543
108.169
126.438
100

Chemicals & Chemical Products

87.821
90.505
93.578
92.268
91.189
96.974
103.143
100

Manufactured Goods

81.677
85.336
88.49
88.421
88.286
97.227
104.553
100

Machinery & Transport Equipment

97.312
97.036
94.991
96.21
96.191
94.888
100.06
100

Miscellaneous Manufactured Articles

92.692
92.562
91.088
92.949
96.51
96.915
99.294
100

Non-Oil Import Price Index

93.543
94.099
93.198
94.047
94.375
95.333
100.567
100
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

2016
2017
2018
2019
2020
2021
2022
2023

Domestic Supply Price Index - Overall Items

77.917
83.406
88.752
85.865
78.424
90.364
107.209
100

Food & Live Animals

85.292
86.895
86.017
87.144
89.093
91.007
98.502
100

Beverages & Tobacco

84.552
83.156
84.077
85.806
87.492
87.97
96.366
100

Crude Materials (Excl Fuels)

84.229
83.453
84.49
83.1
82.165
88.854
99.164
100

Mineral Fuels, Lubricants & Related Materials

50.855
65.809
82.592
76.77
53.168
84.637
119.16
100

Animal & Vegetable Oils Fats & Waxes

80.037
81.959
71.805
65.254
74.355
107.741
126.885
100

Chemicals & Chemical Products

91.435
96.621
101.167
95.245
88.733
97.133
106.022
100

Manufactured Goods

80.769
83.868
86.647
87.944
88.561
96.759
104.049
100

Machinery & Transport Equipment

93.469
92.567
90.603
88.981
88.818
90.945
101.575
100

Miscellaneous Manufactured Articles

91.417
91.965
90.774
91.71
94.399
95.202
99.057
100

Non-Oil Domestic Supply Price Index

90.661
91.571
91.387
89.755
89.226
92.813
102.098
100
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
  • Telecommunication 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

2022 3Q
2022 4Q
2023 1Q
2023 2Q
2023 3Q
2023 4Q
2024 1Q

Accounting Services Price Index

98.6
98.5
102.6
100.6
99.9
103.3
103.2

Accounting And Auditing Price Index

98.4
98.3
102.4
100.2
99.4
103.3
103.1

Book-Keeping Price Index

100.2
100.5
104.1
104
104
103.9
104.1

Cargo Handling Price Index

101.8
102.8
102.5
102.8
103
103.4
103.8

Container Depot Services Price Index

100.4
100.7
100.3
100.4
100.6
100.6
100.6

Crane Services Price Index

100
100
100
100.3
100.4
101.3
102.1

Stevedoring Services Price Index

105.6
108.5
107.6
108.4
108.7
108.7
108.7

Computer Consultancy And Information Services Price Index

103.2
102.6
101.1
102.1
102.6
102.7
102.2

Computer Programming And Consultancy Price Index

104.7
103.4
101.4
102.9
103.1
103.3
103.3

Information Services And Online Marketplace Price Index

100.7
101.2
100.7
100.6
101.8
101.8
100.4

Freight Forwarding Price Index

102.1
93.7
87.2
82.8
79.2
78.4
76.5

Sea Freight Forwarding Price Index

101.6
89.7
80.9
77.8
73.9
73.2
70

Air Freight Forwarding Price Index

101.5
97.6
91.2
83.5
79.9
78.9
78.6

Land Freight Forwarding Price Index

113.8
107.2
129.3
141.1
142.2
142.2
142

Sea Freight Transport Price Index

103.9
95.3
80.6
72.9
69.2
71.7
77.2

Containerised Freight Transport Price Index

100.7
74.4
58.8
56.7
55.4
55
65

Dry Bulk Freight Transport Price Index

105.2
90.1
74.4
75.8
74.2
79
80.2

Liquid Bulk And Gas Freight Transport Price Index

107.3
132.2
120
94.4
84.9
89.6
92.6

Telecommunication Services Price Index

100.7
102.6
102.6
102.4
101.4
101.6
102.2

Wired And Wireless Services Price Index

101.6
102.2
99.6
98.4
98.9
100.3
101

Internet Access Providers And Other Telecommunication Services Price Index

100.2
102.8
104.6
105
103.1
102.5
102.9

Warehousing And Storage Price Index

101.2
101.8
102.9
104.2
105.9
106.4
107.7

General And Refrigerated Warehousing Price Index

102.3
103.1
103.9
106
107.2
107.9
108.4

Dangerous Goods Storage Price Index

99.7
100.2
101.6
101.9
104.3
104.4
106.7
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 (CPI) (2019 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