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Financial News: Singapore Producer Price Inflation Accelerates

Singapore Producer Price Inflation Accelerates

03/28/2024 - 02:41:00 (RTTNews)

(RTTNews) - Singapore's producer price inflation accelerated in February amid an increase in the non-oil index, data from the Department of Statistics showed on Thursday.

The manufacturing producer price index climbed 2.2 percent year-on-year in February, faster than January's 1.8 percent rise.

The non-oil index rose 3.3 percent annually in February, while the oil index showed a decrease of 3.0 percent.

Domestic supply prices were 2.8 percent lower in February than a year ago, after a 2.7 percent decline in the prior month.

On a monthly basis, producer prices moved up 0.3 percent in February versus a 0.2 percent rise in January.

The import price index fell 5.1 percent over the year, following a 5.0 percent decrease in the previous month.

Data showed that export prices declined 1.4 percent annually in February, slower than the 4.7 percent drop a month ago.

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