Singapore Producer Prices Plunge 9.0% In September

(RTTNews) - Singapore's producer prices decreased for the second straight month in September and at an accelerated pace, data from the Department of Statistics showed on Tuesday.

The manufacturing producer price index fell 9.0 percent year-on-year in September, following a 5.7 percent decline in August.

The oil index slumped 28.7 percent annually in September, led by the machinery and transport equipment index amid lower prices of electrical machinery and apparatus. The non-oil index dropped at a comparatively slower rate of 4.6 percent.

Domestic supply prices were 7.1 percent lower in September than a year ago, after a 3.4 percent decrease in the prior month.

On a monthly basis, producer prices fell at a slower pace of 1.2 percent in September versus a 3.3 percent decrease in August.

The import price index decreased 7.9 percent over the year, following a 4.5 percent drop in the previous month. The index has been falling since January.

Data showed that export prices dipped 2.3 percent annually in September after falling 2.8 percent a month ago. The decline in the non-oil index eased 1.1 percent after the 1.4 percent decrease in August.