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Financial News: Singapore Producer Prices Fall Further; Industrial Product

Singapore Producer Prices Fall Further; Industrial Production Growth Slows

02/26/2021 - 05:28:00 (RTTNews)

(RTTNews) - Singapore's producer prices declined at a softer pace and industrial production growth eased in January, data showed on Friday.

The manufactured producer prices declined 5.1 percent annually in January, following a 7.7 percent fall in December, Department of Statistics revealed.

The oil index declined 14.4 percent annually in January and the non-oil indices fell 3.8 percent.

On a monthly basis, producer prices rose 1.8 percent in January, after a 1.0 percent increase in the preceding month.

Another report from the statistical office showed that the import prices fell 2.2 percent annually in January, following a 3.3 percent decrease in the previous month.

On a month-on-month basis, import prices increased 1.6 percent in January, after a 1.8 percent growth in the prior month.

Data showed that export prices declined 6.0 percent yearly in December and rose 0.8 percent from a month ago.

Separate data from the Economic Development Board showed that the industrial output rose 8.6 percent year-on-year in January, after a 16.2 percent growth in December. Production was forecast to increase 5.7 percent.

Excluding biomedical manufacturing, industrial production grew 12.1 percent yearly in January, after a 20.4 percent increase in the preceding month.

On a monthly basis, industrial production rose 4.6 percent in January, following a 1.4 percent gain in the previous month. Economists had expected a 5.5 percent growth.

Production of electronics grew 19.8 percent yearly in January and those of precision engineering gained 15.3 percent. Production of chemical and general manufacturing increased by 9.0 percent and 3.3 percent, respectively.

Meanwhile, production of biomedical manufacturing declined 8.6 percent and those of transport engineering dropped 19.0 percent.

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