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Financial News: Singapore PPI Inflation At 6-Month High

Singapore PPI Inflation At 6-Month High

06/29/2022 - 02:39:00 (RTTNews)

(RTTNews) - Singapore's producer price inflation accelerated to a six-month high in May, after easing in the previous month, data from the Department of Statistics showed on Wednesday.

The manufacturing producer price index climbed 19.4 percent year-on-year in May, faster than the 17.8 percent increase in April.

This was the highest rate of increase since November 2021, when prices had grown 19.8 percent.

The oil-index surged 77.8 percent annually in May and the non-oil index registered an increase of 11.1 percent.

Domestic supply prices were 31.4 percent higher in May compared to last year, after a 30.0 percent gain in the previous month.

On a monthly basis, producer prices went up 2.7 percent in May, following a 0.6 percent rise in April.

Separate data from the statistical office revealed that import prices grew at a faster pace of 26.8 percent yearly in May, after a 25.3 percent spike in the prior month.

Monthly, import prices rose 1.7 percent from April, when they increased by 2.2 percent.

Data showed that export prices registered a double-digit growth of 27.7 percent yearly in May and rose 1.4 percent from a month ago.

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