Import prices jump 11.1% in March on oil-driven gains

Export prices climbed 8.4% YoY, supported by a 44.5% increase in the oil index.

The Import Price Index (IPI) rose 11.1% year-on-year (YoY) in March, reversing a 1.3% decline in February, according to the Singapore Department of Statistics.

On a month-on-month (MoM) basis, import prices increased 11.2%, following a 1.3% rise in the previous month.

The oil component climbed 41.5% YoY and 52.6% MoM, reflecting higher prices of petroleum and related products, whilst the non-oil component rose 2.3% and 0.2%, respectively.

Separately, the Export Price Index (EPI) rose 8.4% YoY in March, reversing a 4.2% decline in the previous month.

On a monthly basis, export prices increased 11.7%, extending a 1.2% rise in February.

The oil index under EPI surged 44.5% YoY and 60.1% MoM, supported by higher petroleum prices.

Meanwhile, the non-oil index edged up 0.2% YoY and 1.5% MoM, driven by increases in machinery and transport equipment, particularly electrical machinery, as well as miscellaneous manufactured articles and crude materials.

The gains in export prices were partially offset by declines in food and live animals, beverages and tobacco, chemicals and chemical products, manufactured goods, and animal and vegetable oils.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia