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Financial News: Singapore Producer Price Inflation Slows To 7.7%

Singapore Producer Price Inflation Slows To 7.7%

12/29/2022 - 02:22:00 (RTTNews)

(RTTNews) - Singapore's producer price inflation eased for the fifth straight month in November, primarily due to a slowdown in the price growth of the non-oil index, data from the Department of Statistics showed on Thursday. 

The manufacturing producer price index climbed 7.7 percent year-on-year in November, slower than the 11.6 percent surge in the prior month. 

The oil index grew 21.6 percent annually in November, and the non-oil index registered an increase of 5.4 percent versus 9.9 percent growth in October.

Domestic supply prices were 6.1 percent higher in November from a year ago, after an 8.5 percent gain in October.

On a monthly basis, producer prices dropped 2.3 percent in November, reversing a 0.3 percent rise in the previous month.

Separate data from the statistical office revealed that import prices also grew at a slower pace of 3.8 percent yearly in November, after a 5.2 percent rise in the prior month.

Monthly, import prices fell 1.7 percent from October, when they dropped by 0.4 percent.

Data showed that export prices registered an increase of 3.6 percent yearly in November, while they were 1.6 percent lower compared to a month ago.

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