Singapore experienced a continued decrease in producer prices for the fourth consecutive month in November, albeit at a reduced rate of decline, according to data released by the Department of Statistics on Friday.
The manufacturing producer price index recorded a 3.8 percent year-on-year decrease in November, a slowdown from the 6.2 percent registered in October.
Specifically, the oil index saw a significant annual drop of 13.2 percent in November, whereas the non-oil index witnessed a comparatively milder decrease of 2.0 percent.
Within the non-oil category, the primary contributors to the decline were the chemicals and chemical products sectors, impacted by reduced organic chemical prices, followed by decreases in the indices for miscellaneous manufactured articles, machinery, and transport equipment.
Regarding domestic supply prices, there was a year-on-year reduction of 3.0 percent in November, following a 5.1 percent decrease in the previous month.
On a monthly comparison, producer prices rose by 1.9 percent in November, offsetting the 1.5 percent decline seen in October.
Additionally, the import price index declined by 5.1 percent over the year, after a 6.5 percent decrease the month prior, continuing its downward trend since January.
The data further indicated that the annual export price index decline moderated to 5.0 percent, an improvement from the 8.4 percent fall recorded in October.
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