Singapore's manufactured products price index sinks 9.1% in July

Supply price index still in the red despite slight improvement.

The city-state's manufactured products price index has been on a steady decline, diving to a new low of 9.1% YoY in July.

According to the latest data by Department of Statistics, the producer prices worsened from 7.9% YoY in June. On a monthly basis, prices in July slips 2.4%

At the same time, the Oil index fell 21.1% while the non-oil indices slipped 7% YoY.

For non-oil sub-indices, the lower prices of chemicals & chemical products, machinery & transport Equipment, manufactured goods, and food & live animals were partially offset by higher prices of animal and & vegetable oils crude materials, and beverage and tobacco.

The manufactured products price index monitors price changes of locally manufactured commodities.

Meanwhile, the domestic supply price index saw a slight improvement, falling only 9.2% YoY in July compared to 10.5% drop in June.

The domestic supply index measures the changes in the price level of both local and imported goods which are retained for use in the domestic economy.