Singapore producer prices rise the most since November 2022

Producer prices in Singapore went up 4.3% year-on-year in June, the latest data by Statistics Singapore showed. That followed a revised 2.7% increase in May.

It has been the sharpest year-on-year increase in domestic supply prices since November 2022.

In June, prices rose at a faster rate for:

– mineral fuels (11.4% YoY versus 10.1% YoY in May);
– machinery and transport equipment (5.5% YoY versus 2.7% YoY in May).

Prices went up at a slower rate for food and live animals (1.8% YoY versus 2.1% YoY in May), while prices rebounded for chemicals and chemical products (0.3% YoY after a 1.4% YoY drop in May).

And, prices dropped for:

– miscellaneous manufactured articles (-5.5% YoY versus -3.5% YoY in May);
– animal & vegetable oils, fats & waxes (-3.6% YoY versus -1.2% YoY in May);
– manufactured goods (-2.8% YoY versus -3.1% YoY in May);
– beverages & tobacco (-1.9% YoY, or at the same rate as in May);
– crude materials (-1.1% YoY versus -1.4% YoY in May).

In monthly terms, domestic supply prices registered zero growth in June, following a 0.6% decrease in May.

The Singapore Dollar was little changed on the day against its US counterpart, with the USD/SGD currency pair last trading at 1.3419.