Singapore Producer Prices Rise 3.3%

(RTTNews) - Singapore's producer prices increased for the fourth straight month in March, though at a slower pace than in the previous two months, data from the Department of Statistics showed on Tuesday.

The manufacturing producer price index rose 3.3 percent year-on-year in March, slower than the 6.0 percent increase in February.

The non-oil index climbed 6.0 percent annually in February, while the oil index declined by 10.9 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, miscellaneous manufactured articles, crude materials, and animal and vegetable oils indices.

Domestic supply prices were 3.9 percent higher in March than a year ago, after a 5.5 percent gain in the prior month.

On a monthly basis, producer prices decreased 2.2 percent in March, following a 0.1 percent drop in February.

Data also showed that the import price index decreased 4.0 percent over the year versus a 3.4 percent decline in the previous month. The index has been falling since February 2024.

Similarly, the annual decline in export prices deepened to 5.1 percent from 3.5 percent a month ago.