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.
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 March 2026 survey, DBS-SKBI CPIEx One-year-Ahead headline inflation expectations indices declined from December 2025. The core inflation expectations also pared in March 2026 compared December 2025. However, the behaviourally adjusted component-wise and recombined inflation expectations held steady or dropped slightly in March 2026 compared to December 2025, except for Transportation component which showed a slight increase. In freeresponse answers, compared to December 2025 survey, responses in the March 2026 survey polled for One-year-Ahead Headline and Singapore Core declined or held steady. Overall, the results indicate for both medium-term (One-year-Ahead) and long-term (Five-year-Ahead), inflation expectations declined slightly but it seems to attenuate when adjusted for behavioural bias.
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