Singapore Producer Prices Fall at Slower Pace

Singapore’s Domestic Supply Price Index fell 2.4% year-on-year in July 2025, marking the fourth consecutive month of deflation, but softer than the 3.7% drop in June. Prices declined at a slightly slower pace for mineral fuels, lubricants, and related materials (-17% vs -18.3% in June), and manufactured goods (-2.7% vs -2.8%). Costs rebounded for animal and vegetable oils, fats, and waxes (6.2% vs -4.5%), while price growth accelerated for beverages and tobacco (0.9% vs 0.6%), crude materials (4% vs 2.8%), and machinery and transport equipment (6.7% vs 3.9%). Meanwhile, costs slipped further for chemical and chemical products (-9.6% vs -8.9%), and prices rose at a slower pace for food and live animals (0.8% vs 2.1%) and miscellaneous manufactured articles (9.7% vs 10.9%). Excluding oil and related products, the domestic supply price index was 3.5% higher than a year earlier. On a monthly basis, the index fell 0.5%, following a 0.3% gain in June.