Freight services prices jump 4.5% in Q1 on pricier oil and supply disruptions

Accounting services, cargo, and warehouse storage prices all rose.

The average prices of services in Singapore rose in six industries whilst those for telecommunication and information services dipped in Q1 2026, according to data from the Department of Statistics.

Freight forwarding prices rose steepest in Q1 compared to Q4 2025, jumping 4.5% quarter-on-quarter (QoQ) and 2.6% year-on-year (YoY) during the quarter, according to SingStat’s Services Producer Price Indices for First Quarter 2026.

Conflicts in the Middle East restricted sea shipments, disrupted flights, and pushed up jet fuel costs, SingStat said.

Middle East conflicts also drove up sea freight transport prices, which rose by 1.5% QoQ and 0.9% YoY. Liquid bulk & gas freight transport prices rising 16.3%, pushed up by rising oil and gas shipping costs.

Accounting services prices inched up 0.2% QoQ, although prices were still 0.4% YoY lower, according to SingStat’s Services Producer Price Indices for First Quarter 2026.

Cargo handling prices climbed 0.5% QoQ and 1.4% YoY on the back of higher prices of crane services and stevedoring services.

Postal and courier prices rose 3.3% QoQ and 3% YoY, reversing the 0.4% decline in Q4 2025. Both local and international post & courier prices rose in Q1.

Warehouse and storage prices rose 0.5% QoQ and 3.4% YoY, as prices for services related to dangerous goods storage rose 1.2% QoQ and 6.7% YoY.

Meanwhile, telecommunications services prices fell by 0.2% QoQ and inched up 0.1% YoY in Q1. Wired and wireless telecommunications services prices dipped 0.6% QoQ during the quarter.

Computer consultancy & information services prices fell 0.3% QoQ, and rose 0.1% YoY, in Q1.

Economist trimmed the GDP growth forecast to 3.5% earlier in June 2026, according to the Monetary Authority of Singapore’s (MAS) June Survey of Professional Forecasters.

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