In Singapore, the Consumer Price Index or CPI measures changes in the prices paid by consumers for a basket of goods and services. This page provides the latest reported value for - Singapore Consumer Price Index (CPI) - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.
Singapore is the most expensive city to live in the world for the fifth year in a row, according to the Economist Intelligence Unit’s Worldwide Cost of Living index, released in London today (March 15).
Twice a year, the EIU surveys 400 individual prices across over 150 products and services in 133 cities in 93 countries in order to rank locations by their expense. The idea is that businesses will use the ranking to help determine cost-of-living allowances and build compensation packages for staff they send overseas.
- The Cost of Living Per month in Singapore may seem huge if you are a first timer in here but if you can manage a small job, then you can easily continue your life over here. From a job, you can easily meet your Cost of Hostel and other such requirements.
- Nomad-ed here for a month. A totally ok place if you have the budget for it. Coworking spaces are good, 4g everywhere, transportation is effective. Lots of things to do. I was able to find friends. Lots of international people, very few digital nomads. If you're there, consider not renting in the center (as it gets expensive fast) and being creative with places to eat to find cheap options.
It found out that while Singapore had some competitive prices for personal care products, household goods, and domestic help, the destination is host to some of the highest costs in the world. While Paris, France and Zurich Switzerland jumped up a few spots on the table, some incredibly high expenses for living in Singapore placed the island nation firmly in the number one spot.
For example, it remains the most expensive place in the world to buy and run a car and is the third-most expensive place to buy clothes. Even the average price of a bottle of wine is $23.68, while it only costs $11.90 in Paris.
| Country | City | EIU Score | Ranking |
|---|---|---|---|
| Singapore | Singapore | 116 | 1 |
| France | Paris | 112 | 2 |
| Switzerland | Zurich | 112 | 2 |
| Hong Kong | Hong Kong | 111 | 4 |
| Norway | Oslo | 107 | 5 |
| Switzerland | Geneva | 106 | 6 |
| South Korea | Seoul | 106 | 6 |
| Denmark | Copenhagen | 105 | 8 |
| Israel | Tel Aviv | 103 | 9 |
| Australia | Sydney | 102 | 10 |
Singaporeans today, compared to their forefathers, have better lives, with access to world-class education, affordable and high-quality healthcare, and a high rate of home ownership, said Prime Minister Lee Hsien Loong yesterday.
But they still feel pressures from the cost of living, he noted in his National Day Rally speech in Mandarin which focused largely on the issue.
Acknowledging their worries, he said: 'They sense that they have to spend more, that their earnings never seem quite enough.'
He gave four reasons Singaporeans feel this way, and pledged that the Government will do its part to ease their concerns.
But people need to do their part, too, he said, urging them to adopt some lifestyle changes to ease the squeeze on their wallets.
The reasons for feeling financially pressured vary, he noted.
Young families, for example, pay close attention to the costs of housing and pre-school education as they are buying their first property and planning to have children.
The sandwiched generation looking after both their children and ageing parents are concerned with healthcare and education costs.
A third reason is that the cost of living has risen on account of changing lifestyles.
Cost Of Living In Singapore Vs Seattle
Pointing to the quality of life improving with economic growth and technological progress, Mr Lee said people eat out more and vacations have become more common.
Things that were once considered luxury items or did not even exist, such as air-conditioners and mobile phones, have also become daily necessities, he added. 'Our standards of living have gone up. This is a positive development, because it means our lives have improved. However, to sustain this higher quality of life, people are spending more than before, and this can put pressure on households,' he said.
Cost Of Living In Singapore 2018
The fourth reason is inflation, which has led to price increases.
Mr Lee highlighted four groups who may feel the pinch more: those whose wages have stagnated amid an overall rise in wages, those who fear losing their jobs as the economy transforms, those who are already jobless, and retirees who no longer have income and are living off their savings. 'When prices increase, they feel as if 'their wallets have shrunk',' he said.
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Delving specifically into the rise in utilities prices, Mr Lee said while the Government has tried to keep inflation low, 'we cannot completely prevent prices from increasing'.
This is so especially for electricity tariffs, since Singapore generates electricity with imported natural gas, which is priced based on global oil prices. To fix electricity tariffs would thus require costly subsidies that are unsustainable, and will also end up benefiting the wealthy more since they consume more electricity.
Instead, the most effective way to help low-and middle-income households with utilities bills is via U-Save rebates for families in Housing Board flats, he added. 'I hope people will understand that we have adopted the best approach to lessen the burden of Singaporeans.'
While cost of living is a perennial concern, the issue has gained traction recently with increases in water and electricity prices kicking in.
Mr Lee assured Singaporeans the Government looks closely at the three major expenditure items - housing, healthcare and education - that people worry most about.
'We will make sure (they) are affordable, so that Singaporeans do not have to worry about them.'
He also urged Singaporeans to do their part by making small changes - 'save water, save electricity, and at the same time, shop around for the best prices, and be a smart consumer'.
Specifically, he cited mobile phones, infant milk formula and hawker centres to give tips on how people can save on phone bills, bringing up their children and food.
He urged people to watch their data usage on their mobile phones, advised parents that expensive formula milk is not always the best, and pledged to build more hawker centres with affordable food options that cost $3 or less. The Government will build 13 more hawker centres in the coming years.
'While the Government will do its part to alleviate people's cost of living concerns, each of us also has a responsibility to 'look after our own wallets',' he said.