What is the Consumer Price Index (CPI)?

Glossary · Singapore · Prices & inflation

The Consumer Price Index (CPI) measures the average price change of a fixed basket of goods and services bought by resident households in Singapore. It stood at 102.7 in July 2026 against a 2024 base of 100 — 2.2% above July 2025.

Updated Published 4 min read INVESTMENTS
Add us as a preferred source
Singapore · July 2026 · CPI-All Items index
102.7
−0.16 on June
Base year2024 = 100
Year on year2.2%
2025 average100.9
Rebasedevery 5 years
Index level102.7July 2026
Year on year2.2%vs July 2025
Month on month−0.2%vs June 2026
Brands and varieties≈6,800about 4,500 outlets
Expenditure divisions10weights from HES 2023
Compiled bySingStatmonthly, around the 23rd
On this pageWhat it measuresWorked exampleWhat it means for youMisconceptionsRelated termsSources

Key takeaways

  • The current CPI series uses 2024 as its base year, so the index for 2024 equals 100; the July 2026 reading of 102.7 means the basket costs 2.7% more than the 2024 average.
  • The 2024-based basket covers about 6,800 brands and varieties priced at about 4,500 outlets, grouped into ten expenditure divisions.
  • Weights come from the Household Expenditure Survey 2023, updated to 2024 values, so items households spend more on move the index more.
  • The 12-month change in the index is the inflation rate: 2.2% in July 2026.
  • The CPI measures price movements, not price levels: it says how much the basket’s cost has changed, never what the basket costs in dollars.
Definition

What the index contains

SingStat prices the basket every month and publishes the index around the 23rd of the following month, alongside the MAS/MTI note on consumer price developments. Three ways of reading the same number:

Index level102.7The basket’s cost relative to the 2024 average of 100. This is the raw series; every rate below is derived from it.
Year on year2.2%The headline inflation rate: the index against the same month a year earlier. The figure wage talks, MAS and the news all quote.
Excluding two components2.0%MAS Core Inflation: the same index with accommodation and private road transport taken out.

The index leaves out what households do not buy for consumption: property purchase prices, income tax and CPF contributions are not in the basket. Rent and imputed rent are, under accommodation.

Worked example

Reading the index as a price

An index level only means something against another reading. Taking the 2024 basket at SGD 1,000, the same basket cost the amounts below at each later reading — the July 2026 figure is 2.2% above July 2025.

ReadingIndexCost of the 2024 SGD 1,000 basket
2024 average (base)100.0SGD 1,000
2025 average100.9SGD 1,009
July 2025100.4SGD 1,004
June 2026102.9SGD 1,029
July 2026102.7SGD 1,027

Index to inflation rate

Index, Jul 2026102.7
Index, Jul 2025100.4
Ratio − 12.2%

Divide the latest reading by the reading twelve months earlier and subtract one. SingStat rounds the published rate to one decimal place, so the result matches the 2.2% headline.

What it means for you

Where the index shows up

Wage guidelinesIncome tax calculator
The National Wages Council frames its annual recommendations against inflation, and many employers set increments with reference to the prior year’s CPI.
Rent renewalsRental stamp duty calculator
Accommodation is the largest single division in the basket by weight, so rent movements shape the headline rate more than any other item group.
Savings and bondsCompound interest calculator
Deposit, Savings Bond and T-bill yields are nominal; the index turns them into real returns. At 2.2% inflation a yield below that loses purchasing power.
Household budgetsCost of living calculator
The same divisions SingStat weights — food, transport, housing, education, health — are the lines in a household budget, which is why the cost of living calculator groups spending the same way.
Long-range planningInflation calculator
Any comparison of money across years — a 2015 salary against a 2026 one, a retirement sum set today — needs the index to restate both in the same year’s prices.
Common misconceptions

Five things people get wrong

An index of 102.7 means prices rose 2.7% this year.
It means the basket costs 2.7% more than the 2024 average. The annual inflation rate compares the index with the same month a year earlier, which is a different pair of readings.
The CPI tracks my spending.
It tracks a fixed basket weighted by the average resident household. A household that rents, owns a car or eats out more than average has a different personal rate.
The basket never changes.
SingStat rebases the index every five years from a fresh Household Expenditure Survey; the current series is 2024-based, replacing the 2019-based one.
The CPI includes property prices.
Only rent and imputed rent are in the basket. Purchase prices are tracked separately by the HDB Resale Price Index and the URA Property Price Index.
A lower index next month means deflation.
A month-on-month dip is common and seasonal. Deflation is a fall against the same month a year earlier — the 12-month rate turning negative.
Sources and reviewChecked against the July 2026 release

Official statistics for general information only. Not financial advice.

Sources: SingStat

This page is provided for educational and informational purposes only. It does not constitute financial advice. All figures and worked examples are estimates for illustrative purposes, are subject to change, and do not reflect any individual’s circumstances. Always refer to SingStat and seek independent professional advice before making any financial decisions.