In 2020, the price of food actually increased by close to 1.9%. In recognition that it continues to be widely used in contracts, we continue to publish the RPI, its subcomponents and RPI excluding mortgage interest payments (RPIX). There was also a 0.37 percentage point contribution from actual rentals, unchanged from a month earlier. "The government has plenty of fiscal options to support growth and levers to cushion the downturn and may come up with a fiscal support package if a recession materialises," he said. The largest upward effect came from European routes. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. Since 2020, inflation in transport prices has been 29.0%, which is also less than the overall inflation rate in Singapore. Save as Image. Read Also:Whats The Difference Between Headline Inflation and Core Inflation? Personal Care (decreased 0.5% in 2020; increased 10.0% since 2000), Alcoholic Drinks & Tobacco (decreased 1.0% in 2020; increased 109.0% since 2000), Personal Effects (decreased 5.0% in 2020; increased 0.6% since 2000), Social Services (decreased 2.9% in 2020; category not calculated since 2000). The average one-year fixed savings rate hasn't changed since yesterday, sticking at 4.80%. Price Guide To Air Conditioners In Singapore And The Maintenance Costs, 8 Local Animal Attractions (Besides The Singapore Zoo) You Can Visit, 10 Food Discount Apps Every Singaporean Foodie Should Be Using To Save Money, Guide To The Cost Of Renovating An HDB Flat In Singapore, Do Singaporean Retirees Really Spend Lesser During Retirement? In 2020, prices of clothing and footwear actually fell 3.9%. Singapore inflation rate for 2018 was 0.44%, a 0.14% decline from 2017. Core CPI (excluding energy, food, alcohol and tobacco) rose by 7.1% in the 12 months to May 2023, up from 6.8% in April, and the highest rate since March 1992; the CPI goods annual rate eased from 10.0% to 9.7%, while the CPI services annual rate rose from 6.9% to 7.4%. Stock market today: Global stocks sink ahead of Federal Reserve notes Postage & Courier Services (increased 2.5% in 2020; increased 30.7% since 2000), Telecommunication Equipment (decreased 1.5% in 2020; decreased 66.8% since 2000), Telecommunication Services (increased 0.8% in 2020; increased 3.1% since 2000). The CPIH inflation rate is added for comparison. Statista. For 2022, an inflation rate of 6.1% was calculated. Meanwhile, compared with the previous months inflation rates, higher year-on-year growth rates were observed in the indices of rice at 20.5 percent from 12.9 percent; flour, bread and other bakery products, pasta products, and other cereals at 8.8 percent from 8.6 percent; fish and other seafood at 10.5 percent from 9.6 percent; and vegetables, tubers, plantains, cooking bananas and pulses at 28.3 percent from 26.0 percent. This is truly extraordinary given the overall increase in the standard of living, and in fact, the advances in telecommunication services in the past two decades. The weights data for CPIH and CPI in February 2023 are published in Tables 11 and 25 of the Consumer price inflation dataset. [2021 Edition] Complete Guide To Choosing The Best Open Electricity Market (OEM) Plan For Your Home. mar 2023. Spain +3.2%. Costs rose by 0.5% in the month to May 2023, compared with a smaller rise of 0.3% in the same month a year earlier. However, over the past 20 years, average health care prices has soared 57.5%, outstripping the general inflation rate in Singapore. MAS now forecasts 2023 headline inflation at 4.5% to 5.5%, lower than the 5.5% to 6.5% seen previously, Menon told reporters. Telecommunication services have increased just 3.1% in the past 20 years, despite the leap in technology and service standards in the telecommunication space. Overall, motor fuel prices fell by 13.1% in the year to May 2023, compared with a fall of 8.9% in April. Within the category, petrol declined 7.3%, while motorcycles actually increased 17.6%. Prices for recreational and cultural goods and services rose, overall, by 6.8% in the year to May 2023, up from 6.4% in April, and the highest rate since August 1991. We have published our finalimpact analysis on the transformation of consumer price statistics for rail fares. Definitive historical division-level indices for both Consumer Prices Index (CPI) and CPIH from 1950 to 1988 are available. Read Also:4 Investments That Naturally Hedges Against Inflation In Singapore. FILE PHOTO: Ravi Menon, managing director of the Monetary Authority of Singapore (MAS), speaks at the Singapore Fintech Festival in Singapore November 16, 2016. The UK Consumer Prices Index (CPI) is produced on a consistent basis to the HICP. We can even review how much prices of noodles, chilled mutton, frozen fish, formula milk, leafy vegetables and soft drinks have changed. We want to hear from you. It is estimated by using price indices. SIDE NOTE When was the last time you've done proper financial planning or went through a review of your finances? What has it returned over the long term? The CPI is the inflation measure used in the government's target for inflation. More information on the contents of each group can be found in Table 3 in the accompanying Consumer price inflation dataset. Use our inflation calculator to find out how prices in Singapore have changed over time. India Inflation Rate 1960-2023 | MacroTrends It extends the Consumer Prices Index (CPI) to include a measure of the costs associated with owning, maintaining and living in one's own home, known as owner occupiers' housing costs (OOH), along with Council Tax. Year jan feb mar apr may jun jul aug sep oct nov dec Annual . They also refer to the Household Costs Indices (HCIs) as a set of measures to reflect the change in costs as experienced by different households and the Retail Prices Index (RPI) as a legacy measure that is required to meet existing user needs. entities, such as banks, credit card issuers or travel companies. on this page is accurate as of the posting date; however, some of our partner offers may have expired. DOS | SingStat Website - Singapore Consumer Price Index, May 2023 - Base Our Users and uses of consumer price inflation statistics: July 2018 methodology includes information on the users and uses of these statistics, and the characteristics of the different measures of inflation in relation to potential use. Index of Private Housing Rental Prices, UK Bulletin | Released 21 June 2023 An experimental price index tracking the prices paid for renting property from private landlords in the UK. The drivers are discussed in more detail in Section 4: Latest movements in CPIH inflation. More information about the project and our ongoing transformation plans can be found in ourTransformation of consumer price statistics article, that we will update this summer with amended timelines. Singapore was also well positioned for a second hike in its goods and services tax in 2024 if inflation falls to 2.5% to 3% in the final quarter of this year, Menon said. The relatively high contribution to the rate since April 2022 came mainly from electricity, gas, and other fuels. Consumer price inflation tables Dataset | Released 21 June 2023 Measures of monthly UK inflation data including the Consumer Prices Index including owner occupiers' housing costs (CPIH), Consumer Prices Index (CPI) and Retail Prices Index (RPI). Explore changes in the cost of everyday items and how this is affecting people. The largest upward contribution came from recreation and culture, while the largest downward contribution came from food and non-alcoholic beverages. 1y 3y 5y 10y Max Jul '22 Oct '22 Jan '23 Apr '23 2.60% 2.80% 2.48% Historical Data View and export this data back to 2004. Singapore inflation rate for 2019 was 0.57%, a 0.13% increase from 2018. From 2030 (at the earliest), as outlined in the UK Statistics Authority response to the consultation, the CPIH methods and data sources will be introduced into the RPI. Since 2020, inflation in transport prices has been 29.0%, which is also less than the overall inflation rate in Singapore. Singapore Feb headline prices rise 4.3%, fastest in nine years Looking further back, the price of food has increased 49.6% since 2000 (or in the past 20 years). The Singapore Department of Statistics (SingStats) keeps a detailed record for price changes in goods and services that are important aspects of life in Singapore on a yearly basis. A Reuters . We have also published proposed updates in our Measuring changing prices and costs for consumers and households, proposed updates: March 2020 article. The best way to address AI's potential systemic risk? This is higher than the overall inflation rate, and likely due to more expenditure on household-related equipment and furniture as people spent more time at home during the year. Conversely, the contribution from recreation and culture has risen to 0.75 percentage points in May 2023, the largest since the start of the National Statistics series in 2006. Despite this, it suffered from the pandemic and experienced a deflation in 2020. This was followed by milk, other dairy products and eggs with an inflation rate of 19.7 percent in May from 22.6 percent in the previous month. In this category, the inflation levels declined 1.2% in the past year, also perhaps on the back of tighter safe distancing measures. Inflation hurts. But White House economists find that it's even worse / Inflation Calculator Inflation Calculator with U.S. CPI Data Calculates the equivalent value of the U.S. dollar in any year from 1914 to 2023. Updated in Jan 2023 For more information, please refer to the resources at https://www.singstat.gov.sg/find-data/search-by-theme/economy/prices-and-price-indices Download Historical Data Save as Image From: To: Zoom: Directly accessible data for 170 industries from 150+ countries This has been partially offset by an upward contribution from non-energy industrial goods, particularly vehicles, spare parts and accessories. All content is in the public domain unless otherwise stated. Aaron O'Neill , Apr 28, 2023 This statistic shows the average inflation rate in Indonesia from 1987 to 2022, with projections up until 2028. Overall, the price increase was 350.53%. This is one of the lowest inflation rates compared to other major expenditure components. Singapore +5.1%. Hide. Inflation in the cost of Education was the highest in the past 20-year periods, increasing 80.7%. Summary of Key Findings From 2002 to 2022, the cost of healthcare has increased by 53.6% The healthcare inflation rate in 2022 was 2.18% The cost of health insurance has risen by 1.95% in 2022 The average healthcare inflation rate was 2.17% over a period 20 years (from 2002 to 2022) In contrast, higher inflation rates were observed in the following categories:furnishings, household equipment and routine household maintenance at 11.0 percent; health at 6.5 percent; and recreation, sports and culture at 5.3 percent compared with April 2023 rates of 9.9 percent, 6.1 percent, and 4.9 percent, respectively. The largest contributions to the increase in the rate between April and May 2023 were from recreational and personal services (with the annual rate rising from 9.1% to 9.4% between the two months) and from transport services (with the rate rising from 6.0% to 10.3%). Get this delivered to your inbox, and more info about our products and services. Health Insurance is a newly carved expenditure that the government is looking into, and only have figures from 2004. Further information is available in Eurostat's overview of Harmonised Index of Consumer Prices (HICP). This shows that there was demand for motorcycles despite the pandemic. -8.11. As with the all-items annual inflation rates, the drivers of CPIH and CPI goods and services inflation are the same (with the exception of owner occupiers' housing costs and Council Tax, which are excluded from CPI). Singapore Inflation Rate 1961-2023 | MacroTrends facts. Even within these sub-categories, prices are further broken down. Singapore Inflation Rate | Inflation Rate and Consumer Price Index +7% mar 2023 +5.2% may 2023 +4.4% apr 2023 +6.1% may 2023 +3.9% may 2023 +5.1% may 2023 +6.1% may 2023 +4% may 2023 +8% may 2023 +3.2% may 2023 +5.8% may 2023 +6.7% mar 2023 +6.1% may 2023 +4.3% may 2023 +3.3% may 2023 +2.5% may 2023 +5.1% may 2023 +3.2% may 2023 +2.2% may 2023 The content Over the past 20 years, these two expenses have surpassed the general rate of inflation in Singapore. Consumer price inflation is the rate at which the prices of goods and services bought by households rise or fall. One main reason for its slower price growth over the longer-term could be down to the government having a large say in increases in Public Road Transport prices with the establishment of the Public Transport Council (PTC) and the taxi industry itself has seen intense competition with the entry of ride-hailing services. "We are closely monitoring the evolving growth-inflation dynamics and remain vigilant to risks on either side.". Similarly, the MAS Core Inflation Rate, which may be a more accurate representation of inflation levels we experience in the countryalso declined 0.2%. Prices rose by 0.3% between April and May this year, but this was less than the 0.6% between the same two months a year ago, leading to the easing in the annual rate. CPI Inflation Calculators - Monetary Authority of Singapore Australia +7%. In, IMF. In the past 20 years, this category has experienced an inflation of 37.2%. Aggregates are based on constant 2010 U.S. dollars. The Consumer Prices Index (CPI) rose by 8.7% in the 12 months to May 2023, unchanged from April but down from a recent peak of 11.1% in October 2022. We use this information to make the website work as well as possible and improve our services. Singapore Nov headline prices rise 3.8%, fastest in nine years REUTERS/Edgar Su/File Photo, Best Parent Student Loans: Parent PLUS and Private. Strictly speaking, Accommodation prices has increased0.4% since last year, andhas risen32.0% since 2000. This could be a function of many things, including Singaporeans willingness to spend more of their wage increments over the years on these categories. The monthly rate in May 2023 was 0.7%, the same as in May last year. By looking deeper into the statistics, we can also look at how prices have changed for individual food itemssuch as: Prices of Meat rose 5.5%, Vegetables rose 5.0%, and Sugar, Preservatives & Confectionary rose 5.2%, at a much higher level of food inflation rate in 2020. Average inflation rate in Chile 2028 | Statista Over the longer-term, this category of expenses rose 19.5% since 2000, or about half the overall inflation rate in the past 20 years. Here's what the experts recommend when it comes to investing modest sums. . The slowing in the annual rate for food and non-alcoholic beverages between April and May 2023 was driven by relatively small price movements from 6 of the 11 detailed classes. The implication for consumer price inflation of the classification decision is that the EPG influences the prices that domestic consumers are charged for a unit of gas or electricity. Updated: June 27, 2023. Dashboard Rates CPI Info Subscribe. Harmonised Index of Consumer Prices Dataset | Released 16 June 2023 The Harmonised Index of Consumer Prices (HICP) on the Eurostat website provides a comparable measure of inflation for each member state of the EU. -12.97. This is because Bus and Train fares rose 7.0% despite the pandemic, while point-to-point transport (taxi and ride-hailing services) inched 1.0% down. Looking at the past 20 years, we can actually see that fresh products tend to increase at a faster pace than packaged products, such as Sugar, preservatives & Confectionary and Non-alcoholic Beverages. This continues the broadly downward trend in the rate seen since June 2022. The overall slowdown masks larger, partially offsetting movements in some of the more detailed transport categories, with a large downward effect from motor fuels offset by upward effects from air fares and second-hand cars. Admin. For example, within the clothing category, Mens Clothing declined 4.5% in 2020, while Womens Clothing declined just 3.6% and Childrens Clothing declined 2.6%. your cards faster. On a monthly basis, CPI rose by 0.7% in May 2023, compared with a rise of 0.7% in May 2022. I want to calculate how much the item under the category that costs. 20-Year Breakeven Inflation Rate - YCharts A large upward effect from recreation and culture was offset by a large downward contribution from food and non-alcoholic beverages. These high-performing stocks are leading this year's market rebound. Health Care is a topic that every Singaporean is concerned about. Similarly, the MAS Core Inflation Rate, which may be a more accurate representation of inflation levels we experience in the country also declined 0.2%. On 31 October 2022, we published the conclusion of our classification review of the Energy Price Guarantee (EPG) for domestic consumers. Singapore gdp growth rate for 2021 was 7.61%, a 11.76% increase from 2020. Health Insurance is a newly carved expenditure that the government is looking into, and only have figures from 2004. Electricity and gas prices contributed 1.42 percentage points to the fall in annual inflation in April as last April's rise dropped out of the . This was likely due to disruption in demand or higher demand in 2020 on the back of COVID-19. In the other sub-category, Utilities & Other Fuels prices has dipped5.5% in last year, and rose30.8% since 2000. Explore Average inflation rate Share this Interact with the data SELECT CHART reset all selections SELECT DATA Figure 11 shows how each of the main groups of goods and services contributed to the change in the annual CPI inflation rate between April and May 2023. The Laspeyres formula is generally used. Read Also: [2021 Edition] Complete Guide To Choosing The Best Open Electricity Market (OEM) Plan For Your Home. Over the past 20 years (2002 to 2022), the average annual education inflation rate in Singapore was 2.86%. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. Singapore gdp growth rate for 2020 was -4.14%, a 5.24% decline from 2019. Air fares rose by 20.0% between April and May this year, compared with a smaller rise of 2.8% between the same two months a year ago. The HCIs reflect how different types of households experience changing prices, and differ from the Consumer Prices Index including owner occupiers' housing costs (CPIH) and the Consumer Prices Index (CPI), which are based on recognised economic principles. The Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 7.9% in the 12 months to May 2023, up from 7.8% in April but down from a recent peak of 9.6% in October 2022. (This story has been refiled to correct the first word in paragraph 10), (Writing by Kanupriya Kapoor; Editing by Martin Petty and Jamie Freed). Next update: July 18, 2023. Singapore growth outlook uncertain amid inflation: MAS central bank - CNBC Medicine & Health Products (decreased 1.4% in 2020; increased 28.5% since 2000), Outpatient Services (decreased 3.5% in 2020; increased 64.0% since 2000), Hospital Services (increased 1.5% in 2020; increased 76.1% since 2000), Health Insurance (increased 0.0% in 2020; category not calculated since 2000). Public Transport, on the other hand, increased 3.1%. Data in this release are not a National Statistic and are provided for indicative purposes only. Singapore Historical Inflation Rates - 1961 to 2023 | Inflation Rate These water stocks and ETFs focus on a precious resource while offering investors a steady dividend drip. Inflation in the cost of Education was the highest in the past 20-year periods, increasing 80.7%. The agency has a regional office in all 16 regions and has an information center in 78 provinces across the Philippines. In the past year, Health Care prices decreasedby 1.5%. That doesn't sound too bad until we realize that at that rate prices will double every 20 years. On the other hand, prices of goods and services in categories that have been impacted by the internet, including e-commerce, as well as manufacturing and sourcing from cheaper regions have increased by the lowest amounts. That means that every two bars on the chart average prices have doubled or about 5 doublings since they began keeping records.