Singapore - Consumer Price Index (CPI)

Singapore: Consumer Price Index (CPI)

Mnemonic	CPI.ISGP
Unit	Index 2019=100, NSA
Adjustments	Not Seasonally Adjusted
	Monthly	0.56 %
Data	Feb 2023	112.02
	Jan 2023	111.4

Series Information

Source	Singapore Department of Statistics (DOS)
Release	Consumer Price Index
Frequency	Monthly
Start Date	1/31/1961
End Date	2/28/2023

Singapore: Price

	Reference	Last	Previous	Units	Frequency
Consumer Price Index (CPI)	Feb 2023	112.02	111.4	Index 2019=100, NSA	Monthly
Producer Price Index (PPI)	Jan 2023	106.93	108.75	Index 2018=100, NSA	Monthly

Release Information

Description

For Singapore, the monthly Consumer Price Index (CPI) measures the average price changes in a fixed basket of consumption goods and services commonly purchased by the resident households over time. It is commonly used as a measure of consumer price inflation.

Properties

Active:

Classification: COICOP
Measurement: Fixed-base index relative to 2019 (Index 2019=100)
Adjustments:
- Seasonally adjusted (SA)
- Not seasonally adjusted (NSA)
Native frequency: Monthly
Start date: 1961m1

Predecessors:

2014=100, 1961 to 2019
2009=100, 2008 (extended to 1961) to 2014
2004=100, 1961 to 2009

Methodology

The data is based loosely on the Classification of Individual Consumption According to Purpose (COICOP).

The weighting pattern for the 2019-based CPI was derived from the expenditure values collected in the Household Expenditure Survey (HES).

The CPI covers only consumption expenditure incurred by resident households. It excludes non-consumption expenditures such as loan repayments, income taxes, purchases of houses, shares, and other financial assets etc. A total of 6,600 brands/varieties are included in the 2019-based CPI basket and they are classified into ten main divisions based largely on the Classification of Individual Consumption According to Purpose (COICOP). The total number of outlets selected for pricing is about 4,200.

The data series on CPI and its major components are seasonally-adjusted using the X-12 procedure.

The CPI is compiled on a monthly basis. For longer periods, the CPI is derived by averaging the monthly indices. For example, the yearly CPI is derived by taking a simple average of the 12 months’ indices for the year. To compute month-on-month change, the difference between the CPI for the specific month and that for the preceding month expressed in percentage term is used. This measures the change in average prices between the two months and serves as a useful short-term indicator of price movement.

To measure the year-on-year change, the CPI for the specific month is compared with that for the same month of preceding year. Likewise, the annual inflation rate for a specific year is computed by comparing the average for the 12 monthly indices with that of the previous year.