Data from the Department of Statistics reveals that Singapore's producer prices have decreased for the eleventh consecutive month in December, due to a reduction in both the oil and non-oil index.
The manufacturing producer price index saw a 2.4 percent decrease from last year in December, a slower decline than November's steady 4.5 percent decrease. In December, the oil index fell by 2.7 percent annually, while the non-oil index also decreased by 2.4 percent.
Domestic supply prices in December were 1.1 percent lower than the previous year, which followed a 2.9 percent decrease in the prior month. On a month-on-month basis, producer prices fell by 1.1 percent in December, compared to a 2.5 percent decrease in November.
The import price index saw a reversal with a 0.7 percent increase over the year, after experiencing a 1.1 percent decrease from the previous month. Data also indicates that export prices experienced a slight 2.4 percent annual decrease in December, a slightly larger drop than the 2.3 percent decrease from the previous month.
Examining the data for the entire year of 2023 reveals that the price index for manufactured products dipped by 4.5 percent. This marks a notable shift from the previous year, which boasted a 14.9 percent increase. The decline during 2023 can largely be attributed to decreasing prices for animal and vegetable oils, chemicals, and chemical products.
