Manufactured-product prices jump 35.5% in July

The increase accelerated from June as petroleum and electronic-component prices rose.

Manufactured-product prices rose 35.5% YoY in July, accelerating from the 31.1% increase recorded in June, according to the Department of Statistics.

On a monthly basis, the Singapore Manufactured Products Price Index increased 2.5%, reversing declines of 0.2% in May and 0.7% in June.

The oil index rose 4.3% from the previous month and 39.6% from a year earlier. The increases were mainly driven by higher prices of petroleum and petroleum products amid the Middle East conflict.

Non-oil manufactured-product prices increased 2.2% MoM and 34.8% YoY.

Machinery and transport equipment made the largest contribution to both increases. The sub-index rose 4.3% month on month and 48% year on year, led by higher prices of electrical machinery such as electronic integrated circuits.

The monthly increase was partly offset by a 4.8% decline in chemicals and chemical products due to lower organic-chemical prices.

Meanwhile, Singapore’s Domestic Supply Price Index rose 2.3% MoM in July, reversing declines in the previous two months.

The index increased 33.4% from a year earlier. Domestic oil prices climbed 46.4%, whilst the non-oil index rose 29.3%.

Machinery and transport equipment was also the main driver of higher non-oil domestic supply prices, increasing 4% MoM and 42.3% YoY.

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