Singapore Producer Prices Climb 6.2% In January

(RTTNews) - Singapore's producer prices increased for the second straight month in January, driven by the growth in the non-oil index, data from the Department of Statistics showed on Friday.

The manufacturing producer price index rose 6.2 percent year-on-year in January, faster than the 2.7 percent increase in December.

The non-oil index climbed 7.8 percent annually in January, while the oil index dropped by 2.5 percent.

The increase in the non-oil index was mainly driven by the machinery and transport equipment index amid higher prices of electrical machinery apparatus and electrical parts, as well as the food and live animals, crude materials, and animal and vegetable oils indices.

Domestic supply prices were 5.5 percent higher in January than a year ago, after a 1.5 percent gain in the prior month.

On a monthly basis, producer prices rose 3.7 percent in January, slower than the 6.1 percent increase in December.

Data also showed that the import price index decreased 1.3 percent over the year, following a 3.6 percent drop in the previous month. The index has been falling since January last year.

Similarly, the annual decline in export prices eased to 2.2 percent from 3.1 percent a month ago.