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) |
Oct-24 |
116.8 |
1.4 |
117.1 |
2.0 |
| Consumer Price Index |
(2019 as Base Year) |
2023 |
113.6 |
4.8 |
108.4 |
6.1 |
| Domestic Supply Price Index |
(2023=100) |
Oct-24 |
95.4 |
-5.3 |
94.6 |
-7.1 |
| Singapore Manufactured Products Price Index |
(2023=100) |
Oct-24 |
96.0 |
-6.3 |
94.5 |
-9.0 |
| Import Price Index |
(2023=100) |
Oct-24 |
93.5 |
-6.8 |
93.1 |
-7.8 |
| Export Price Index |
(2023=100) |
Oct-24 |
93.2 |
-8.6 |
92.8 |
-9.3 |
| Accounting Services Price Index |
(2022=100) |
2Q 2024 |
103.7 |
3.1 |
105.3 |
2.7 |
| Accounting And Auditing Price Index |
(2022=100) |
2Q 2024 |
103.6 |
3.5 |
105.4 |
3.0 |
| Book-Keeping Price Index |
(2022=100) |
2Q 2024 |
104.3 |
0.4 |
104.2 |
0.1 |
| Cargo Handling Price Index |
(2021=100) |
2Q 2024 |
104.0 |
1.1 |
103.8 |
1.3 |
| Container Depot Services Price Index
|
(2021=100) |
2Q 2024 |
100.6 |
0.3 |
100.6 |
0.3 |
| Crane Services Price Index
|
(2021=100) |
2Q 2024 |
102.1 |
1.8 |
102.1 |
2.1 |
| Stevedoring Services Price Index
|
(2021=100) |
2Q 2024 |
109.3 |
0.9 |
108.7 |
1.0 |
| Computer Consultancy and Information Services Price Index |
(2021=100) |
2Q 2024 |
102.5 |
0.4 |
102.3 |
1.2 |
| Computer Programming And Consultancy Price Index
|
(2021=100) |
2Q 2024 |
103.9 |
0.9 |
103.4 |
2.0 |
| Information Services And Online Marketplace Price Index
|
(2021=100) |
2Q 2024 |
100.2 |
-0.4 |
100.4 |
-0.3 |
| Freight Forwarding Price Index |
(2022=100) |
2Q 2024 |
82.5 |
-0.3 |
76.5 |
-12.2 |
| Sea Freight Forwarding Price Index
|
(2022=100) |
2Q 2024 |
80.7 |
3.7 |
70.0 |
-13.5 |
| Air Freight Forwarding Price Index
|
(2022=100) |
2Q 2024 |
79.0 |
-5.5 |
78.6 |
-13.8 |
| Land Freight Forwarding Price Index
|
(2022=100) |
2Q 2024 |
141.5 |
0.3 |
142.0 |
9.8 |
| Sea Freight Transport Price Index |
(2022=100) |
2Q 2024 |
82.3 |
12.8 |
77.9 |
-3.3 |
| Containerised Freight Transport Price Index
|
(2022=100) |
2Q 2024 |
70.4 |
24.1 |
64.9 |
10.4 |
| Dry Bulk Freight Transport Price Index
|
(2022=100) |
2Q 2024 |
88.1 |
16.3 |
79.7 |
7.2 |
| Liquid Bulk And Gas Freight Transport Price Index
|
(2022=100) |
2Q 2024 |
94.1 |
-0.3 |
95.6 |
-20.3 |
| Telecommunications Services Price Index |
(2021=100) |
2Q 2024 |
101.0 |
-1.3 |
102.1 |
-0.5 |
| Wired And Wireless Telecommunications Services Price Index
|
(2021=100) |
2Q 2024 |
100.2 |
1.8 |
101.0 |
1.3 |
| Internet Access Providers And Other Telecommunications Services Price Index
|
(2021=100) |
2Q 2024 |
101.5 |
-3.3 |
102.9 |
-1.6 |
| Warehousing and Storage Price Index |
(2021=100) |
2Q 2024 |
107.1 |
2.9 |
107.7 |
4.6 |
| General And Refrigerated Warehousing Price Index
|
(2021=100) |
2Q 2024 |
109.1 |
2.9 |
108.4 |
4.3 |
| Dangerous Goods Storage Price Index
|
(2021=100) |
2Q 2024 |
104.7 |
2.8 |
106.7 |
5.0 |
Data are preliminary when first released.
1 Refers to % change in latest period over the same period in the previous year.
2 Refers to % change in the previous period over the same period in the previous year.
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
Footnotes
The weighting pattern of the Consumer Price Index (CPI) was derived from the expenditure values collected from the 2017/18 Household Expenditure Survey (HES) and updated to 2019 values by taking into account price changes between 2017/18 and 2019. For more information on the CPI rebasing, refer to the Information Paper 'Rebasing of the Consumer Price Index (2019 as Base Year)' (https://www.singstat.gov.sg/-/media/files/publications/economy/ip-e48.pdf).
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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
Footnotes
The domestic supply price index measures the change in prices of imported and locally manufactured product retained for use in the country.
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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 4Q |
2023 1Q |
2023 2Q |
2023 3Q |
2023 4Q |
2024 1Q |
2024 2Q |
|
Accounting Services Price Index
|
98.5 |
102.6 |
100.6 |
99.9 |
103.3 |
105.3 |
103.7 |
|
Accounting And Auditing Price Index
|
98.3 |
102.4 |
100.2 |
99.4 |
103.2 |
105.4 |
103.6 |
|
Book-Keeping Price Index
|
100.5 |
104.1 |
104 |
104 |
103.9 |
104.2 |
104.3 |
|
Cargo Handling Price Index
|
102.8 |
102.5 |
102.8 |
103 |
103.4 |
103.8 |
104 |
|
Container Depot Services Price Index
|
100.7 |
100.3 |
100.4 |
100.6 |
100.6 |
100.6 |
100.6 |
|
Crane Services Price Index
|
100 |
100 |
100.3 |
100.4 |
101.3 |
102.1 |
102.1 |
|
Stevedoring Services Price Index
|
108.5 |
107.6 |
108.4 |
108.7 |
108.7 |
108.7 |
109.3 |
|
Computer Consultancy And Information Services Price Index
|
102.6 |
101.1 |
102.1 |
102.6 |
102.7 |
102.3 |
102.5 |
|
Computer Programming And Consultancy Price Index
|
103.4 |
101.4 |
102.9 |
103.1 |
103.3 |
103.4 |
103.9 |
|
Information Services And Online Marketplace Price Index
|
101.2 |
100.7 |
100.6 |
101.8 |
101.8 |
100.4 |
100.2 |
|
Freight Forwarding Price Index
|
93.7 |
87.2 |
82.8 |
79.2 |
78.4 |
76.5 |
82.5 |
|
Sea Freight Forwarding Price Index
|
89.7 |
80.9 |
77.8 |
73.9 |
73.2 |
70 |
80.7 |
|
Air Freight Forwarding Price Index
|
97.6 |
91.2 |
83.5 |
79.9 |
78.9 |
78.6 |
79 |
|
Land Freight Forwarding Price Index
|
107.2 |
129.3 |
141.1 |
142.2 |
142.2 |
142 |
141.5 |
|
Sea Freight Transport Price Index
|
95.3 |
80.6 |
72.9 |
69.2 |
71.7 |
77.9 |
82.3 |
|
Containerised Freight Transport Price Index
|
74.4 |
58.8 |
56.7 |
55.4 |
55 |
64.9 |
70.4 |
|
Dry Bulk Freight Transport Price Index
|
90.1 |
74.4 |
75.8 |
74.2 |
79 |
79.7 |
88.1 |
|
Liquid Bulk And Gas Freight Transport Price Index
|
132.2 |
120 |
94.4 |
84.9 |
89.6 |
95.6 |
94.1 |
|
Telecommunications Services Price Index
|
102.6 |
102.6 |
102.4 |
101.4 |
101.6 |
102.1 |
101 |
|
Wired And Wireless Telecommunications Services Price Index
|
102.2 |
99.6 |
98.4 |
98.9 |
100.3 |
101 |
100.2 |
|
Internet Access Providers And Other Telecommunications Services Price Index
|
102.8 |
104.6 |
105 |
103.1 |
102.5 |
102.9 |
101.5 |
|
Warehousing And Storage Price Index
|
101.8 |
102.9 |
104.2 |
105.9 |
106.4 |
107.7 |
107.1 |
|
General And Refrigerated Warehousing Price Index
|
103.1 |
103.9 |
106 |
107.2 |
107.9 |
108.4 |
109.1 |
|
Dangerous Goods Storage Price Index
|
100.2 |
101.6 |
101.9 |
104.3 |
104.4 |
106.7 |
104.7 |
SOURCE : SINGAPORE DEPARTMENT OF STATISTICS
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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