Singapore's producer prices declined at a faster pace in December, figures from the Deportment of Statistics showed Thursday.
The manufactured products price index plunged 9.7 percent year-over-year in December, much faster than November's 6.4 percent decline. The oil and non-oil indices decreased 33.5 per cent and 2.7 percent, respectively.
Producer prices have been falling since May and the latest decrease was the sharpest in eight months.
Domestic supply prices tumbled 15.5 percent annually in December, following a 9.4 percent fall registered in the prior month. It was the sixth consecutive annual decline.
On a monthly basis, producer prices dropped 3.5 percent in December, more than the 1.2 percent drop in November. Both the oil index and non-oil index dropped 15.5 percent and 0.6 percent, respectively.
Domestic supply prices also fell in December, by 5.9 percent from the previous month, after a 2.5 percent decline in November.
In the whole year of 2014, the manufactured product price index slid 3.4 percent compared to the previous year. In 2013, prices slipped 3.1 percent. Domestic supply prices fell 3.4 percent in 2014 versus a 2.7 percent drop logged in 2013.
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