Singapore's manufacturing producer prices declined for the seventh successive month in March, and at the fastest pace for that period, as prices in both the oil sector and non-oil sector recorded declines, data released by Statistics Singapore showed Monday.
The producer price index for the manufacturing sector decreased 7 percent year-on-year in March, marking the seventh successive contraction. The rate of fall was notably faster than 5.2 percent recorded in February.
Prices in the oil sector and non-oil sector fell 11.8 percent and 5.5 percent respectively from a year earlier.
Month-on-month, factory gate prices decreased 0.9 percent in March, reversing the 1.5 percent gain seen in February. Prices in the oil sector decreased 5.1 percent, while non-oil prices moved up 0.3 percent.
At the same time, the domestic supply price index dropped at a faster rate of 7.2 percent year-on-year in March than 5 percent in February. Sequentially, domestic supply prices decreased by 1.1 percent, after rising 1.5 percent in the previous month.
Separately, the agency said Singapore's import price index fell 6.3 percent annually in March, faster than the 4.3 percent drop seen in the previous month. Import prices dropped 1.1 percent compared to February, when they rose by 1.5 percent.
Export prices fell 5.6 percent on an annual basis in March. Month-on-month, export prices decreased by 0.8 percent during the month, data showed.
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