Singapore Producer Prices Drop the Most in 6 Months

Singapore’s Domestic Supply Price Index fell 3.9% year-on-year in May 2025, following a 1.1% decline in April, marking the second consecutive month of contraction. This was also the steepest annual decline since last November, driven by sharper price drops across several categories. Notable declines included fuels (-23.5% vs -19.2% in April), chemicals and chemical products (-8.8% vs -7.0%), manufactured goods (-2.6% vs -1.3%), animal and vegetable oils, fats, and waxes (-2.9% vs -0.8%), and crude materials (-1.3%), reversing a 1.9% rise in April. Additionally, prices rose at a slower pace for machinery and transport equipment (7.5% vs 10.6%), food and live animals (3.3% vs 4.4%), and beverages and tobacco (1.1% vs 1.7%). Meanwhile, miscellaneous manufactured articles saw a slightly faster increase of 7.7% (vs 7.4%). On a monthly basis, the index fell 3.5%, following a downwardly revised 0.7% drop in April.