Financial News: Singapore Producer Prices Decline 5.7% In August

Singapore Producer Prices Decline 5.7% In August

09/30/2024 - 03:20:00 (RTTNews)

(RTTNews) - Singapore's producer prices decreased for the first time in nine months in August, data from the Department of Statistics showed on Thursday.

The manufacturing producer price index fell 5.7 percent year-on-year in August, reversing a 0.2 percent rise in July.

The oil index plunged 19.9 percent annually in August, mainly led by the machinery and transport equipment index, due to lower prices of electrical machinery apparatus, followed by the miscellaneous manufactured articles, chemicals, and chemical products. The non-oil index dropped at a comparatively slower rate of 2.7 percent.

Domestic supply prices were 3.0 percent lower in June than a year ago, in contrast to a 1.8 percent increase in the prior month.

On a monthly basis, producer prices fell 3.3 percent in August, extending the 2.6 percent decrease in July.

The import price index decreased 4.0 percent over the year, following a 0.4 percent drop in the previous month. The index has been falling since January.

Data showed that export prices slumped 6.6 percent annually in August after falling 0.1 percent a month ago. The oil index tumbled 16.4 percent, and the non-oil index fell by 4.0 percent.

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