Singapore Producer Prices Fall At Faster Rate

(RTTNews) - Singapore's producer prices decreased for the fourth straight month in May, largely due to a slump in the oil index, data from the Department of Statistics showed on Wednesday.

The manufacturing producer price index fell 8.1 percent year-on-year in May, faster than the 4.6 percent rise in the prior month.

The oil index plunged 30.0 percent annually in May, and the non-oil index showed a comparatively smaller decrease of 3.2 percent.

Domestic supply prices were 15.3 percent lower in May from a year ago, after an 11.4 percent drop in April.

On a monthly basis, producer prices dropped 1.1 percent in May versus a 0.4 percent rise in the previous month.

Separate data from the statistical office revealed that import prices fell at a faster pace of 14.1 percent yearly in May, following a 10.9 percent decline in the prior month.

Monthly, import prices decreased 1.9 percent from March, when they grew by 1.3 percent.

Data showed that export prices registered a decrease of 13.8 percent yearly in May, and they fell 0.3 percent compared to a month ago.