DBS-SKBI SInDEx survey yields CPIEx Inflation Expectations (estimating headline inflation expectations) and related indices are products of the online quarterly survey of around 500 randomly selected individuals representing a cross section of Singaporean households. The survey is led by Principal Investigator Dr Aurobindo Ghosh, Assistant Professor of Finance (Education) at Lee Kong Chian School of Business of the Singapore management University. The online survey, administered by YouGov, helps researchers understand the behaviour and sentiments of decision makers in Singaporean households. DBS Group Research is a co-sponsor and research partner with the Sim Kee Boon Institute for Financial Economics (SKBI) at SMU.
The quarterly DBS-SKBI SInDEx survey has also yielded two composite indices, SInDEx1 and SInDEx5. SInDEx1 and SInDEx5 measure the One-year inflation expectations and the Five-year inflation expectations, respectively. The sampling was done using a quota sample over gender, age and residency status to ensure representativeness of the sample. Employees in some sectors like journalism and marketing were excluded as that might have an effect on their responses to questions on consumption behaviour and expectations.
The DBS-SKBI SInDEx survey was augmented in June 2018, based on a joint research study conducted by SMU researchers in collaboration with MAS and the Behavioural Insights Team, where respondents were polled on their perceptions of components of the Consumers Price Index (CPI) and adjusted for possible behavioural biases prevalent in online surveys.
(Latest Release Jul 2026)
Based on the recommendations of the joint study, since March 2019 the research team has polled the One-year-Ahead inflation expectations of all of the major components of CPI-All Items inflation. For the June 2026 survey, DBS-SKBI CPIEx One-year-Ahead headline inflation expectations indices inched up from March 2026. The core inflation expectations also increased in June 2026 compared March 2026. Consistently, the behaviourally adjusted component-wise and recombined inflation expectations held steady or increased slightly in June 2026 compared to March 2026. In free-response answers, compared to March 2026 survey, responses in the June 2026 survey polled for One-year-Ahead Headline and Singapore Core increased or held steady. Overall, the results indicate for medium-term (One-year-Ahead) inflation expectations increased slightly even after adjusting for behavioural bias prevalent in consumer surveys. However, for the longer term, Five-Year-Ahead headline inflation expectations increased while the Five-Year ahead core inflation expectations remained unchanged. However, adjusting for behavioral bias, both the Five-year-ahead headline and core inflation expectations dipped slightly in June 2026.
Click the dates below to view the survey results.
| DBS-SKBI Singapore Index of Inflation Expectations (SInDEx) Survey Press Releases | |||
|---|---|---|---|
20 Oct 2026 | |||
VIEW PAST RESULTS
| MAS Survey of Professional Forecasters | |||
|---|---|---|---|
NLT 16 Sep 2026 | TBC Dec 2026 | ||
Note:
- NLT: Not Later Than
- Last updated on 8 Jul 2026
- All dates are expected dates of release and are subject to change.
Figure 1 (From the July 2026 Press Release)
One-year-Ahead inflation expectations: The chart shows the quarterly DBS-SKBI CPIEx (CPI-All Item) and DBS-SKBI CPIEx Core (Excluding Accommodation and Private Transportation components) One-year-Ahead Inflation Expectations, polled in the quarterly online Singapore Index of Inflation Expectations (SInDEx) Survey. The latest round was conducted on a representative sample of Singaporean residents between 22 June and 30 June 2026.
(Source: SKBI, SMU, MAS-MTI, Department of Statistics)
Figure 2 (From the July 2026 Press Release)
Five-year-Ahead-Inflation Expectations in Singapore: The chart shows the quarterly DBS-SKBI CPIEx (CPI-All Item), DBS-SKBI CPIEx Core (excluding Accommodation and Private Road Transportation components), SInDEx (Composite index with lower weights on volatile components like Food, Energy, Accommodation and Private Transportation) One-year and Five-year-Ahead Inflation Expectations polled online quarterly for the Singapore Index of Inflation Expectations (SInDEx) Survey conducted from 22 June to 30 June 2026. The chart shows a preliminary estimate of Behaviourally Adjusted One-year-Ahead overall DBS-SKBI Adjusted CPIEx. As comparison benchmarks, the chart provides the most recent quarterly CPI-All Items Inflation, MAS Survey of Professional Forecasters median One-year-Ahead CPI-All Items inflation forecasts and the yield spread of 10-year and 1-year Singapore Savings Bonds (SSB).
(Source: SKBI, SMU, MAS-MTI, Department of Statistics)
Singapore One-Year-Ahead Inflation Expectations and Current Inflation (Qtrly)
Components of Consumer Price Index All-Item Inflation (% represents component weights)
CPI All Item Inflation Rate and Other Inflation Measures (% represents proportion of All Items covered)
Central Bank/Regulators
"I recall launching the Singapore Index of Inflation Expectations or SInDEx, as it was known then at SMU in January 2012, and it is heartening to see it nurtured over the past decade. The MAS is grateful to the SKBI for its commitment to this project and to DBS for its generous sponsorship of the DBS-SKBI-SMU Singapore Index of Inflation Expectations, that counts among the key indicators that MAS looks at in its economic surveillance." [Source]
Edward Robinson
Deputy MD and Chief Economist of Singapore
Partners
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“DBS is pleased to embark on a partnership with SMU to strengthen this valuable undertaking. Understanding the sentiment and expectations of Singaporeans with regard to inflation is critical for policy makers, analysts, companies, academics, and financial sector participants. We hope the valuable insights gathered in this survey will be of wider benefit.” [Source]
Dr. Taimur Baig
Chief Economist and Managing Director of Group Research, DBS Bank
“Celebrating its 15th anniversary, the DBS-SKBI Singapore Index of Inflation Expectations (SInDEx) has earned recognition as Singapore’s longest-running private quarterly survey of consumer inflation expectations. Recognising its credibility and global relevance, Haver Analytics partnered with SMU and SKBI to include SInDEx in its global suite of inflation and inflation expectations indicators.”
Myra Cruz-Valencia
Director of Database Operations, Haver Analytics
"It has been a pleasure to support SMU and SKBI as the research provider for the DBS-SKBI Singapore Index of Inflation Expectations (SInDEx) Survey. We value the opportunity to contribute robust research and data to a long-running study that tracks consumer inflation expectations in Singapore.”
Christophe Le Yoanc
Business Development Director, YouGov
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