Import prices rise 13.5% as oil costs climb

Export prices were unchanged on a monthly basis but increased 13.1% from a year earlier.

Import prices rose 13.5% YoY in July, extending the increases recorded in recent months, according to the Department of Statistics.

The oil import index climbed 45.5% from a year earlier, whilst the non-oil index increased 4.8%. Higher petroleum-product prices amid the Middle East conflict drove the oil increase.

On a monthly basis, the Import Price Index rose 0.8%, reversing declines of 2.2% in May and 3.3% in June.

Oil import prices increased 1.6% from June after falling for three consecutive months. Non-oil import prices rose 0.5%.

Machinery and transport equipment was the largest contributor to the monthly non-oil increase, rising 1.2% due to higher prices of electrical machinery such as electronic integrated circuits.

Meanwhile, Singapore’s Export Price Index was unchanged from June following a 1.8% decline in the previous month.

Export prices were 13.1% higher than a year earlier. The oil export index increased 39.3%, whilst the non-oil index rose 7.3%.

Machinery and transport equipment was the largest contributor to the annual increase in non-oil export prices, rising 9.3% on higher electrical-machinery prices.

On a monthly basis, non-oil export prices edged down 0.2%, primarily due to a 1.8% decline in chemicals and chemical products as plastics prices fell.

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