Financial News: Singapore Producer Prices Rise 5.5% In February

Singapore Producer Prices Rise 5.5% In February

(RTTNews) - Singapore's producer prices increased for the third straight month in February, driven by the growth in the non-oil index, data from the Department of Statistics showed on Friday.

The manufacturing producer price index rose 5.5 percent year-on-year in February, slower than the 6.1 percent increase in January.

The non-oil index climbed 7.5 percent annually in February, while the oil index declined by 5.3 percent.

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

Domestic supply prices were 5.1 percent higher in February than a year ago, after a 5.5 percent gain in the prior month.

On a monthly basis, producer prices decreased 0.5 percent in February, reversing a 3.6 percent increase in January.

Data also showed that the import price index decreased 3.3 percent over the year, following a 2.2 percent drop in the previous month. The index has been falling since February last year.

Similarly, the annual decline in export prices deepened to 3.3 percent from 2.2 percent a month ago.

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