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FX.co ★ Singapore Producer Prices Rise 2.3%

Singapore Producer Prices Rise 2.3%

Singapore experienced an uptick in producer prices for the first time in five months this past December, primarily due to the rise in the non-oil index, as reported by the Department of Statistics on Monday.

The manufacturing producer price index recorded a year-on-year increase of 2.3% in December, overturning the previous month's 4.0% decline. The non-oil index saw an annual rise of 4.5% in December, contrasted by a significant 9.6% decrease in the oil index.

This upward movement in the non-oil index can be attributed to the machinery and transport equipment sector, especially marked by the heightened costs of electrical machinery apparatus. There were also noticeable hikes in the indices for food and live animals, crude materials, as well as animal and vegetable oils.

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Prices for domestic supplies were 1.5% higher in December compared to the same period last year, following a 3.9% drop in the previous month. On a month-to-month basis, producer prices rose by 5.8% in December, continuing the 1.6% increase noted in November.

For the entire year of 2024, the overall manufacturing producer price index noted a slight decrease of 0.5%, improving from the 4.5% decline observed in 2023.

Additionally, data reveals that the import price index dropped by 3.6% over the year, improving from a 6.0% decrease in the prior month, with the index in decline since January. In a similar trend, the annual reduction in export prices moderated to 3.1%, retreating from November's 5.2% decrease.

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