Singapore Producer Prices Fall Further

(RTTNews) - Singapore's producer prices declined for the eleventh successive month in December amid a decline in the oil and non-oil index, data from the Department of Statistics showed on Monday.

The manufacturing producer price index fell 2.4 percent year-on-year in December, slower than November's stable decline of 4.5 percent.

The oil index dropped 2.7 percent annually in December, and the non-oil index showed a decrease of 2.4 percent.

Domestic supply prices were 1.1 percent lower in December than a year ago, after a 2.9 percent decline in the prior month.

On a monthly basis, producer prices dropped 1.1 percent in December versus a 2.5 percent fall in November.

The import price index rose 0.7 percent over the year, reversing a 1.1 percent decrease in the previous month.

Data showed that export prices fell 2.4 percent annually in December, which was slightly above the 2.3 percent drop a month ago.

During the whole year 2023, the manufactured products price index dipped 4.5 percent, compared with a 14.9 percent surge in 2022. The decline was largely attributed to lower prices of animal and vegetable oils, chemicals, and chemical products.