Singapore Producer Prices Fall At Slower Pace In July

Singapore’s producer prices continued to decline in July although at a slightly slower pace than in the previous month, figures from the Department of Statistics showed Friday.

The manufactured products price index dropped 8.0 percent year-over-year in July, following a 8.1 percent decrease in June. Producer prices have been falling since May 2014.

The oil index plunged 36.9 percent, while the non-oil index rose 0.3 percent.

Domestic supply prices dipped 15.7 percent in July from a year ago, but faster than the prior month’s 13.6 drop.

On a monthly basis, producer prices slid 1.1 percent in July, following a 0.6 percent decline in the preceding month. The Domestic supply price index decreased 3.3 percent in July, faster than a 0.6 percent decline in June.

In an another report, the statistical office announced that import prices fell at a faster pace of 13.3 percent annually in July, after falling 11.6 percent in the previous month. The decline in export prices steepened to 6.8 percent in July from 6.4 percent in June.

Month-on-month, import prices decreased 2.5 percent in July, faster than a 0.5 percent decline in June. Export price declined 1.2 percent after rising 0.3 percent in the prior month.

The material has been provided by InstaForex Company –