Singapore producer prices fall for third month in October

Producer prices in Singapore have dropped 5.3% year-on-year in October, the latest data by Statistics Singapore showed. It has been a third straight month of decline in domestic supply prices.

Yet, October’s drop was slower compared to that recorded in September (-7.1% YoY).

In October, prices went down at a slower rate for:

– mineral fuels, lubricants and related materials (-14.8% YoY versus -18.3% YoY in September);
– animal & vegetable oils, fats and waxes (-7.5% YoY versus -10.8% YoY in September);
– manufactured goods (-3.2% YoY versus -3.3% YoY in September);
– miscellaneous manufactured articles (-5.3% YoY versus -6.7% YoY in September);
– machinery and transport equipment (-0.3% YoY versus -1.9% YoY in September).

And, prices rose for:

– crude materials (2.8% YoY after a 0.9% YoY gain in September);
– food and live animals (2.7% YoY after a 2% YoY surge in September).

The USD/SGD currency pair settled 0.34% lower at 1.3374, or a fresh 1 1/2-week low, on Friday. For the month of November, the exotic currency pair went up 1.38%, while extending the gain from the previous month.