Singapore supply costs plunge 3.3% as oil index plummets

Total annual domestic supply prices for 2025 rose by nearly 1% despite the year-end dip.

Singapore’s Domestic Supply Price Index (DSPI) fell 3.3% year on year (YoY) in December, reversing a 2.8% increase in November, data from SingStat showed.

The decline was driven mainly by a sharp 11.7% drop in the oil index and a 0.5% fall in non-oil prices.

Within the non-oil category, prices fell most for chemicals and chemical products, due to lower prices of organic chemicals.

Prices also declined for machinery and transport equipment and food and live animals.

These decreases were partly offset by higher prices for miscellaneous manufactured articles, crude materials, animal and vegetable oils, beverages and tobacco, and manufactured goods.

Despite the December fall, domestic supply prices for the full year rose 0.9% in 2025, compared with a 1.3% decline in 2024.

Annual gains were led by machinery and transport equipment, supported by higher prices of electrical machinery and apparatus.

Other contributors included miscellaneous manufactured articles, food and live animals, and animal and vegetable oils.

These increases were partly offset by lower prices in chemicals and manufactured goods.

The DSPI tracks price changes of goods produced locally or imported for use within Singapore by businesses, households, and the government.

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