Manufacturing prices slump 2.2% as oil rout deepens

The decline follows a much stronger 5.4% YoY increase recorded in November 2025.

The Singapore Manufactured Products Price Index (SMPPI) fell 2.2% year-on-year (YoY) in December 2025, whilst the oil index declined 10.6% and the non-oil index dipped 0.8% over the same period.

Despite the all-items index rising 5.4% YoY in November 2025, the oil index fell 2.0% YoY, whilst the non-oil index increased 6.6% in that month, government data showed.

Amongst the non-oil sub-indices, the decline was due to the chemicals and chemical products, led by lower prices for organic chemicals, as well as machinery and transport equipment, crude materials, and manufactured goods.

Meanwhile, gains were recorded in miscellaneous manufactured articles, food and live animals, animal and vegetable oils, and beverages and tobacco.

Overall, the SMPPI rose 3.7% in 2025, rebounding from a 0.5% decline in 2024.

One of the factors that drove the increase was the machinery and transport equipment index. The gains were partially moderated by declines in the chemicals and chemical products, manufactured goods and crude materials indices.