FX.co ★ Singapore Producer Price Inflation Accelerates

Singapore's rate of producer price inflation increased in February due to a surge in the non-oil index, as per the records from the Department of Statistics released on Thursday.

The production price index for manufacturing increased by 2.2 percent on year-on-year basis in February, a faster pace than January’s growth of 1.8 percent. At the same time, the non-oil index reported an annual rise of 3.3 percent in February, whereas the oil index showed a reduction of 3.0 percent.

Compared to last year, domestic supply prices in February were observed to be 2.8 percent lesser, slightly more than previous month's reduction of 2.7 percent.

From January to February, there was a 0.3 percent increment in producer prices, a minor increase from January's growth of 0.2 percent.

The import price index saw a decrease of 5.1 percent over the last year, a slight increase from the previous month’s decline of 5.0 percent.

Data also showed that export prices experienced a year-on-year decline of 1.4 percent in February, a slower rate than the 4.7 percent fall observed a month prior.