Financial News: Singapore Producer Prices Rise 3.1%

Singapore Producer Prices Rise 3.1%

(RTTNews) - Singapore's producer prices increased for the fifth straight month in April, data from the Department of Statistics showed on Thursday.

The manufacturing producer price index rose 3.1 percent year-on-year in April, slightly faster than the 3.0 percent increase in March.

The non-oil index climbed 7.2 percent annually in February, while the oil index plunged by 18.3 percent.

The increase in the non-oil index was mainly driven by the machinery and transport equipment index, led by higher prices of electrical machinery apparatus, as well as the miscellaneous manufactured articles, food and live animals, and animal and vegetable oils indices.

Domestic supply prices were 1.1 percent lower in April than a year ago, reversing a 3.6 percent gain in the prior month.

On a monthly basis, producer prices increased 0.5 percent in April, in contrast to a 2.5 percent drop in March.

Data also showed that the import price index decreased 7.9 percent over the year versus a 4.0 percent decline in the previous month. The index has been falling since February 2024.

Similarly, the annual decline in export prices deepened to 6.8 percent from 5.3 percent a month ago.

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