2023.03.2907:12:00UTC+00Singapore Producer Prices Fall 0.9% In February

Singapore's producer prices decreased in February as the oil and non-oil index contracted, data from the Department of Statistics showed on Wednesday.

The manufacturing producer price index fell 0.9 percent year-on-year in February, reversing a 0.9 percent rise in the prior month.

The oil index dropped 1.8 percent annually in February, and the non-oil index showed a decrease of 0.8 percent.

Domestic supply prices were 4.7 percent lower in February from a year ago, after a 1.5 percent drop in January. This was the second successive monthly fall.

On a monthly basis, producer prices edged up 0.1 percent in February, in contrast to a 1.7 percent decline in the previous month.

Separate data from the statistical office revealed that import prices slid at a faster pace of 4.4 percent yearly in February, after a 1.7 percent drop in the prior month.

Monthly, import prices increased 0.6 percent from January, when they edged lower by 0.3 percent.

Data showed that export prices registered a decrease of 4.7 percent yearly in February, and they dropped 0.7 percent compared to a month ago.