Singapore - Producer Price Index (PPI)

For Singapore, the cyclical indicators measures the change in the price level of goods manufactured locally and imports which are retained for use in the domestic economy. Monthly from 1974.

The Singapore Manufactured Products Price Index (SMPPI) monitors price changes of locally manufactured commodities. The weights of the index are derived from the distribution of local production by commodity in 2023. Ex-factory prices are obtained from principal manufacturers of the items concerned.

The International Trade Price Indices (Import Price Index and Export Price Index) track the price movement of imported and exported goods on a monthly basis. Monthly from 1974.

Active:

• Measurement: Fixed-base index relative to 2023 (Index 2023=100)
• Adjustment: Not seasonally adjusted (NSA)
• Native frequency: Monthly
• Start date: As early as 1974m1

Predecessors:

• 2018=100 - 1974m1 to 2023m12 ("_18")
• 2012=100 - 1974m1 to 2019m1 ("_12")
• 2006=100 - 1974m1 to 2013m1 ("06")

Global concept aliases:

• PPI.ISGP

The methodology used to compile the PPIs in Singapore makes reference to international recommendations given in the “Producer Price Index Manual 2004” by the International Monetary Fund.

Products surveyed are classified according to the UN Standard International Trade Classification (SITC).

Data collection from the sampled establishments is carried out on a monthly basis. Prices at, or nearest to, the 15th of each month are surveyed.

The source writes:

For the 2006-based series, a 'modified Laspeyres' index (also known as the Young index formula) is adopted, where the weight reference period of 2005 preceded the price reference period of 2006.

The weights for the Singapore manufactured products are derived from the production data collected in the 2005 Census of Industrial Production. 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. Ex-factory prices are collected from selected local manufacturers every month.

Indices at the commodity division and commodity section level are published in the Department's "Monthly Digest of Statistics". Analyses of price changes are available in the monthly report on Singapore Manufactured Products & Domestic Supply Price Indices.

For imported products, the prices are valued at c.i.f. (cost, insurance and freight). Prices for exported products are valued at f.o.b. (free on board).

The 2018-based series is compiled using the Laspeyres formula where the price and weight reference periods are aligned to the year 2018. The geometric mean formula has been adopted in the computation of unweighted elementary aggregate price indices. The arithmetic mean formula is applied in compiling indices at higher levels of aggregation where weights of specific sub-indices are available.

Yes. Data may be revised to include late submissions and amendments by respondents.

Further reading

At the source:

• FAQ on Producer and International Trade Price Indices
• Price and Price Indices
• Import, Export, Singapore Manufactured Products and Domestic Supply Price Indices
• Import & Export Price Indices
• Monthly Singapore Manufactured Products and Domestic Supply Price Indices, Mar 2019

At IMF (SDDS):

• Price index: Producer prices (Jul 2022 / Jan 2024)