Singapore’s Consumer Price Index (CPI), with 2019 as the base year, experienced a slight uptick in April 2023 compared to the same period last year. The overall CPI for all items rose by 0.1%, reaching a value of 112.7. The CPI for the period from January to April 2023 increased by 6.0% compared to the corresponding period in 2022.
Food prices in Singapore saw a notable increase, with the CPI for food rising by 0.3% in April 2023, amounting to 114.6. This rise was driven by higher costs across various food categories. Food items excluding food serving services experienced a 0.1% increase, reaching a CPI of 115.2. Prices for bread and cereals rose by 0.7%, while meat prices increased by 0.6%. Fish and seafood prices showed a marginal decrease of 0.5%. Notably, the prices of milk, cheese, and eggs rose by 0.2%, while vegetable prices decreased by 1.8%.
Clothing and footwear prices in Singapore experienced a 1.6% increase in April 2023, reaching a CPI of 98.4. This rise was driven by higher costs in the footwear category, which saw a significant increase of 2.7%. Household durables and services prices remained relatively stable, with a marginal increase of 0.1%, amounting to a CPI of 105.4.
Housing and utilities prices showed a decrease in April 2023, with the CPI declining by 2.1% compared to the same period last year, reaching a value of 108.1. This decline was mainly due to a decrease in accommodation costs, which dropped by 2.2%. However, utilities and other fuel prices increased by 2.2% during the same period.
Healthcare costs continued to rise in Singapore, with a 0.8% increase in April 2023, reaching a CPI of 105.3. The prices of outpatient services and health insurance rose by 0.4% and 2.0% respectively. Meanwhile, the prices of medicines and health products increased by 1.1%.
Transportation costs showed a significant increase of 1.6% in April 2023, reaching a CPI of 133.9. This rise was primarily driven by private transport costs, which increased by 2.0%. On the other hand, public transport costs declined by 1.0%. Communication prices experienced a slight increase of 0.6% during the same period.
Recreation and culture costs rose by 1.4% in April 2023, with a CPI of 108.8. This increase was driven by higher prices for holiday expenses, which rose by 1.9%. Education costs remained relatively stable, with a marginal increase of 0.1%.
The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the costs of accommodation and private road transport, increased by 0.4% in April 2023, reaching a CPI of 108.9. This indicates a moderate increase in overall prices in Singapore, taking into account the core components of the economy.