CPI 6.5% / MAS Core Inflation 5.1%・Singapore Consumer Price Index, Dec 2022

CPI All Index 6.5% / MAS Core Inflation 5.1% / CPI less imputed rentals on owner-occupied accommodation 6.7% / Food 7.5% / Electricity & Gas 16.5%・Singapore Consumer Price Index, Dec 2022

【Summary Consumer Price Developments in December2022】

• MAS Core Inflation came in at 5.1% on a year-on-year (y-o-y) basis in December, unchanged from November.
  　This was because smaller price increases for retail & other goods and electricity & gas were offset by higher inflation for food and services.
• CPI-All Items inflation eased to 6.5% y-o-y in December, from 6.7% in November.
  　This was mainly due to slower private transport inflation.
• On a month-on-month (m-o-m) basis, core CPI increased by 0.6% while CPI-All Items rose by 0.2%.
• For 2022 as a whole, MAS Core Inflation averaged 4.1%, higher than the 0.9% recorded in 2021.
  　Over the same period, CPI-All Items inflation came in at 6.1%, up from 2.3% in 2021.

◆CPI ALL ITEMS 6.5%

The CPI is commonly used as a measure of consumer price changes in the economy. It tracks
the change in prices of a fixed basket of consumption goods and services commonly
purchased by the general resident households over time.
The CPI covers only consumption expenditure incurred by resident households. It excludes
non-consumption expenditures such as purchases of houses, shares and other financial assets
and income taxes etc.
The CPI – All Items provides a comprehensive overview of the prices of consumer goods and
services. Nevertheless, useful information can also be revealed by complementary CPI series
derived by excluding specific items in the All Items basket. For example, two other CPI series
reported on a monthly basis are the CPI less imputed rentals on owner-occupied
accommodation and the MAS Core Inflation.

◆MAS Core Inflation 5.1%

The Monetary Authority of Singapore (MAS) monitors a core inflation measure that excludes
the components of “Accommodation” and “Private Transport”. These items are excluded as
they tend to be significantly influenced by supply-side administrative policies and are volatile.
Core inflation is meant to capture the generalised and persistent price changes that are driven
by underlying demand conditions. It thus provides useful information for monetary policy
which has the objective of ensuring price stability in the medium term.

◆CPI less imputed rentals on owner-occupied accommodation 6.7%

Accommodation, one of the groups in the Housing & Utilities category of the CPI, comprises
“rented and owner-occupied accommodation”, as well as “housing maintenance & repairs”.
A significant share of the Accommodation group is “owner-occupied accommodation (OOA)”
cost, which is meant to reflect the costs to homeowners of utilising the flow of services
provided by their homes over an extended period of time. As the cost of using housing
services is not directly observed for homeowners, it is proxied by market rentals.
Changes in the CPI imputed rentals on OOA, however, have no direct impact on the monthly
cash expenditure of most households in Singapore as they already own their homes. Hence,
the CPI less imputed rentals on OOA is compiled as an additional indicator to track households’
actual expenditures. Actual rentals paid on rented homes are still included in this measure.

◆データ
【Singapore シンガポール　シンガポール統計局】
SINGAPORE CONSUMER PRICE INDEX (2019 as Base Year)
The Singapore Department of Statistics (DOS) シンガポール統計局
https://www.singstat.gov.sg/

The Monetary Authority of Singapore (MAS)
https://www.mas.gov.sg/

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CPI All Index 6.5% / MAS Core Inflation 5.1%・Singapore Consumer Price Index, Dec 2022
CPI All Index 6.5% / MAS Core Inflation 5.1% / CPI less imputed rentals on owner-occupied accommodation 6.7% / Food 7.5% / Electricity & Gas 16.5%・Singapore Consumer Price Index, Dec 2022