Financial News: Singapore Producer Prices Fall Further In November

Singapore Producer Prices Fall Further In November

12/27/2024 - 02:41:00 (RTTNews)

(RTTNews) - Singapore's producer prices decreased for the fourth straight month in November, though at a slower pace in the current sequence of decline, data from the Department of Statistics showed on Friday.

The manufacturing producer price index fell 3.8 percent year-on-year in November, following a 6.2 percent decline in October.

The oil index slumped 13.2 percent annually in November, while the non-oil index dropped at a comparatively slower rate of 2.0 percent.

Among the non-oil indices, the declines were largely driven by the chemicals and chemical products, due to lower prices of organic chemicals, followed by the miscellaneous manufactured articles, machinery, and transport equipment.

Domestic supply prices were 3.0 percent lower in November than a year ago, after a 5.1 percent decrease in the prior month.

On a monthly basis, producer prices rose 1.9 percent in November, reversing a 1.5 percent decrease in October.

The import price index decreased 5.1 percent over the year, following a 6.5 percent drop in the previous month. The index has been falling since January.

Data showed that the annual decline in export prices eased to 5.0 percent from 8.4 percent in October.

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