Financial News: Singapore Producer Prices Rise 2.3%

Singapore Producer Prices Rise 2.3%

01/28/2025 - 02:35:00 (RTTNews)

(RTTNews) - Singapore's producer prices increased for the first time in five months in December, driven by the growth in non-oil index, data from the Department of Statistics showed on Monday.

The manufacturing producer price index climbed 2.3 percent year-on-year in December, reversing a 4.0 percent decline in November.

The non-oil index rose 4.5 percent annually in December, while the oil index declined sharply by 9.6 percent.

The increase in the non-oil index was due to the machinery and transport equipment index, mainly reflecting higher prices of electrical machinery apparatus, as well as increases in the food and live animals, crude materials, animal and, vegetable oils indices.

Domestic supply prices were 1.5 percent higher in December than a year ago, after a 3.9 percent decrease in the prior month.

On a monthly basis, producer prices rose 5.8 percent in December, extending the 1.6 percent increase in November.

During the year 2024, overall manufacturing producer price index fell 0.5 percent compared to a 4.5 percent decline in 2023, the agency said.

Data also showed that the import price index decreased 3.6 percent over the year, following a 6.0 percent drop in the previous month. The index has been falling since January.

Similarly, the annual decline in export prices eased to 3.1 percent from 5.2 percent in November.

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