Manufactured product prices fall 0.7% in June

Lower petroleum prices outweighed continued gains in the non-oil index.

Manufactured product prices declined 0.7% MoM in June, following a 0.2% decrease in May, according to the Department of Statistics.

The oil index fell 10.4%, extending the previous month’s 10% decline, mainly due to lower prices of petroleum and petroleum products.

In contrast, the non-oil index rose 1.1% after increasing 1.8% in May.

Machinery and transport equipment was the main contributor to the monthly non-oil increase, rising 3.9% due to higher prices of electrical machinery apparatus.

The gain was partly offset by a 9.1% decline in chemicals and chemical products, driven by weaker organic chemical prices.

On a year-on-year basis, the Singapore Manufactured Products Price Index rose 31.1% in June, slightly higher than the 30.9% increase recorded in May.

The oil index increased 36.4%, although growth moderated from 59.3% in May. Non-oil prices rose 30.3%, accelerating from 26.8.

Machinery and transport equipment led the annual non-oil increase, climbing 39.7% on higher electrical machinery apparatus prices.

Meanwhile, the Domestic Supply Price Index fell 2.5% MoM in June, following a 2% decline in May.

The oil component decreased 11.6%, whilst the non-oil index rose 1.3%.

Domestic supply prices remained 30.3% higher than a year earlier, although growth slowed from 34.1% in May. Oil prices increased 46.9%, whilst non-oil prices rose 25.1%.

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