There are many ways we can track inflation in Singapore.
One way is through the Singapore Consumer Price Index (CPI), which measures the average price changes over time of a fixed basket of consumption goods and services commonly purchased by resident households in Singapore.
While the CPI is likely the most comprehensive way to track inflation in Singapore, the editorial team at DollarsAndSense has, for the past 6 years or so, found a much more simplistic and less scientific way for us to measure inflation in Singapore on our own.
We call this the Old Chang Kee Index.
How We Came Up With the Old Chang Kee Index at DollarsAndSense
Instead of crunching numbers, we’ve been watching the price of two of our favourite local snacks: Old Chang Kee’s Curry Puff and Chicken Wing.
After all, if these everyday treats start costing more, isn’t that inflation we can all feel firsthand?
Just like some economic theories that eventually become widely accepted indicators, the Old Chang Kee Index started as a casual DollarsAndSense office conversation.
It all began in 2019 during a random discussion at the office about inflation. I can’t recall exactly how the conversation started, but I remember buying Old Chang Kee snacks regularly for some time every afternoon. This was something that I used to do in 2006 when I had my first full-time internship.
I pointed out to my DollarsAndSense colleagues that this combination I like having – one curry puff ($1) and one chicken wing ($1.20), used to cost me $2.20 a day in 2006. By 2019, prices had noticeably risen and a curry puff cost around $1.50 and a chicken wing $1.70, for $3.20.
While the absolute increment may seem high, it translate to an average annual inflation of about 2.9%, which is relatively reasonable and in line with the overall inflation trend.
By 2024, the cost of my favourite snack combo has risen even further—a curry puff now costs $1.90, and a chicken wing is $2.10, bringing the total to $4. In absolute terms, we are now paying $0.80 more for the same curry puff-chicken wing combo compared to 2019. This works out to an annualised price increase of 4.5% per year, a sharper rise compared to previous years. From 2019 to 2024, hawker and fast food prices also rose by about 20% (according to the CPI), or about 4% per annum.
Why Do Old Chang Kee Prices Seem To Track Inflation Quite Well?
We believe this overly simple yet relatable method offers an easy way to observe and explain inflation—especially when it comes to something we all care about: food prices.
First and foremost, Old Chang Kee is a popular, well-loved brand in Singapore, known for offering affordable snacks across its outlets. Because it operates on a high-volume, fast-turnover model, its prices need to stay accessible to the average Singaporean. This means that even when prices naturally increase due to inflation, they tend to be gradual and justifiable.
For example, it used to be reasonable for me to pay $1 to satisfy my curry puff cravings in 2006. In 2024, $2 has become the new $1, more expensive nominally, but still a reasonable amount.
This makes Old Chang Kee’s pricing a surprisingly useful way to track inflation in cooked food at the everyday consumer level. I think you can use any of Old Chang Kee’s traditional favourites (Spring rolls, Fish balls, Carrot cake), and you will find a similar result on how much prices have increased.
Secondly, food prices aren’t just about the cost of ingredients. Old Chang Kee’s price adjustments also reflect broader economic factors, such as rising rent and labour costs. Commercial rents have surged over the past two decades, increasing operating costs for food chains. At the same time, wages have risen, in line with Singapore’s shift toward a higher-cost, higher-income economy. To stay sustainable, Old Chang Kee has to factor in these rising costs while keeping price hikes reasonable enough to retain customers.
Of course, this is by no means a scientific way to measure inflation. Interestingly, the Old Chang Kee Index reasonably tracks Singapore’s inflation rate well. The key caveat? The Consumer Price Index (CPI) includes items like telecommunication equipment and clothing, which have declined in price in recent years. While these items help lower overall CPI inflation, they don’t make your curry puff or chicken wing any cheaper.
In the years ahead, we’ll continue keeping an eye on our non-scientific Old Chang Kee Index as a light-hearted yet practical way to track inflation in Singapore—one curry puff at a time.
The post The Old Chang Kee Index: Can Curry Puffs & Chicken Wings Be Used To Track Inflation In Singapore? appeared first on DollarsAndSense.sg.
