Singapore’s domestic supply price index jumped 21.6% year-on-year in March 2026, the steepest increase since June 2022, as the war in the Middle East pushed energy costs higher. This marked a sharp acceleration from the upwardly revised 2.4% gain in February, driven primarily by a 49.9% surge in mineral fuels.
Further upward pressure came from machinery and transport equipment (up 16.4%, compared with 10.8% in February), chemicals and chemical products (up 4.3%, after an 8.7% decline previously), and manufactured goods (up 3.0%, versus 1.1%).
On a month-on-month basis, the index rose 16.1% in March, following a 3.7% increase in February, as oil prices soared 60.4%.
