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.

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