Singapore’s Domestic Supply Price Index declined by 6% year-on-year in January 2026, extending a downwardly revised 2.6% fall in December. This was the second consecutive monthly decrease, largely reflecting steeper drops in the prices of mineral fuels (-16.7% vs -11.7% in December), chemicals and chemical products (-9.1% vs -8%), and food and live animals (-2.2% vs -0.6%).
Prices also fell for machinery and transport equipment (-3.9% vs 0.1%) and for animal and vegetable oils, fats and waxes (-1.2% vs 2.1%), while inflation eased for beverages and tobacco (3.7% vs 4.2%).
In contrast, costs continued to rise for miscellaneous manufactured articles (14.8% vs 15.8%), crude materials (4.2% vs 3.7%), and manufactured goods (0.9% vs 0%).
On a month-on-month basis, the Domestic Supply Price Index edged down 0.1% in January, following a slightly downwardly revised 1.6% decline in December.
