Financial News: Singapore Producer Price Inflation Eases Sharply

Singapore Producer Price Inflation Eases Sharply

08/29/2024 - 04:02:00 (RTTNews)

(RTTNews) - Singapore's producer price inflation moderated in July to the lowest level in eight months, data from the Department of Statistics showed on Thursday.

The manufacturing producer price index rose slightly by 0.1 percent year-on-year in July, much slower than June's 4.4 percent rise. Further, this was the weakest rate of increase since the current sequence of growth began in December last year.

The oil index rose only 0.1 percent annually in July versus a 7.3 percent surge in June, and the non-oil index also increased at a moderate rate of 0.2 percent.

Domestic supply prices were 1.8 percent higher in June than a year ago, though slower than the 4.4 percent increase in the prior month.

On a monthly basis, producer prices fell 2.6 percent in July, reversing a 0.4 percent increase in June.

The import price index decreased 0.8 percent over the year, following a 0.5 percent drop in the previous month.

Data showed that export prices declined 0.4 percent annually in July after remaining flat a month ago. The oil index increased 3.4 percent, while the non-oil index fell by 1.3 percent.

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