Singapore’s producer prices rise the most since January 2023

Producer prices in Singapore went up 2.6% year-on-year in May, the latest data by Statistics Singapore showed. That followed a revised 2% increase in April.

It has been the sharpest year-on-year increase in domestic supply prices since January 2023.

In May, prices rose at a faster rate for food & live animals (2.1% YoY versus 1.8% YoY in April), mineral fuels (10.1% YoY versus 6.9% YoY in April) and for machinery & transport equipment (2.7% YoY versus 2.1% YoY in April).

Prices decreased at a slower rate for crude materials (-1.1% YoY compared to -2.2% YoY in April) and for animal & vegetable oils, fats & waxes (-2.7% YoY compared to -4.8% YoY in April).

In monthly terms, domestic supply prices dropped 0.7% in May, following a revised up 4% rise in April.

The USD/SGD currency pair settled 0.10% lower at 1.3556 on Friday. For the week, the exotic currency pair edged up 0.07%.