Singapore’s producer prices decreased at a faster rate in April, data released by Statistics Singapore showed Wednesday.
The producer price index for the manufacturing sector fell 7.3 percent on an annual basis in April, after falling 7 percent in March. The producer price index for the oil sector declined 14.7 percent from a year earlier, and output prices in the non-oil sector decreased by 5.1 percent.
Driving the overall decrease, prices of machinery and transport equipment dropped 7.1 percent, and chemicals and chemical products prices decreased 4.1 percent. Costs of miscellaneous manufactured articles decreased 1.7 percent annually, and prices of manufactured goods edged down 0.2 percent.
Offsetting these declines partially, prices of crude materials increased 1.6 percent year-on-year in April, and beverages and tobacco prices edged up 0.4 percent.
On a monthly basis, the producer price index dropped 1.9 percent in April, faster than the previous month’s 0.9 percent fall, data showed.
by RTT Staff Writer
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