2010.07.2904:06:00UTC+00Singapore Import Prices Fall First Time Since October 2009

Singapore's import price index fell 0.9% year-on-year in June following the 2.2% rise recorded in May, data released by Statistics Singapore showed Thursday. That was the first fall since October last year.

The oil index rose by 4.7%, while the non-oil index fell by 2.2%. Among the components of the non-oil index, import prices of machinery and transport equipment declined 4.8% and beverages and tobacco prices dropped 0.7%. Increases were seen in the import price index for crude materials, by 14.9%, and food prices with 7.7% rise.

On a monthly basis, the import price index dropped 0.5% in June, slower than the 1.2% decline registered in May. The export price index declined 0.5% month-on-month in June, unchanged from May. The annual growth slowed to 1.4% from 4.5% recorded in May.

In a separate release, the statistical office said producer price index for manufactured products fell 1.4% month-on-month in June. In May, producer prices were down 1.8%.They were unchanged on an annual basis after rising 4.2% in the previous month.

The domestic supply price index fell by 1.4% in June 2010, versus the 2.1% decline in the previous month. Compared to the previous year, domestic supply price index rose 1.7%, much slower than May's 7.8% rise.

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