Singapore’s producer price inflation eased for the first time in three months in July to the lowest level in ten months, data from the Department of Statistics showed on Wednesday. The manufacturing producer price index climbed 16.2 percent year-on-year in July, slower than the 20.2 percent surge in June. Further, this was the slowest rate of increase since September last year, when prices had risen 14.4 percent. The oil-index grew 51.9 percent annually in July and the non-oil index registered an increase of 10.6 percent. Domestic supply prices were 19.0 percent higher in July compared to last year, after a 27.9 percent gain in the previous month.
On a monthly basis, producer prices decreased 1.6 percent in July, reversing a 1.6 percent rise in June. Separate data from the statistical office revealed that import prices also grew at a slower pace of 14.7 percent yearly in July, after a 22.7 percent spike in the prior month. Monthly, import prices slid 4.5 percent from June, when they dropped by 1.3 percent. Data showed that export prices registered a double-digit growth of 19.4 percent yearly in July, while they were 2.2 percent lower compared to a month ago.