Producer prices in Singapore continued their downward trend into September, marking the second consecutive month of decline, according to data released by the Department of Statistics on Tuesday.
In September, the manufacturing producer price index experienced a significant year-on-year drop of 9.0%, building on a 5.7% reduction in August. This downturn was significantly influenced by the oil index, which plummeted 28.7% over the year. The decline was particularly pronounced in the machinery and transport equipment sectors, primarily due to decreasing prices of electrical machinery and apparatus. In contrast, the non-oil index experienced a more moderate decrease of 4.6%.
Furthermore, domestic supply prices were reported to be 7.1% lower compared to the same month last year, following a 3.4% decline in August. When examining monthly shifts, producer prices saw a less severe contraction of 1.2% in September compared to a sharper 3.3% reduction in the previous month.
The import price index, which has been on a declining trajectory since January, fell 7.9% year-on-year, building on a 4.5% dip in August. Export prices declined 2.3% annually in September, following a 2.8% decrease in the previous month. Notably, the decline in the non-oil export index moderated to 1.1% after a 1.4% fall in August.
