Manufacturers facing more expensive production costs: UOB
This after the Purchasing Manager’s Index showed higher input prices in April 2022.
Manufacturers may be facing more expensive production costs after the Purchasing Manager’s Index (PMI) was met with higher input prices index last month, multinational banking corporation, UOB, said.
Input prices index continued to increase to 52.1 in April 2022, which posted the highest reading since October 2013.
UOB also said Singapore’s inflation has sped up markedly since the start of 2022.
The bank’s recent comments came after the Singapore Institute of Purchasing and Materials Management released its April 2022 reading where the PMI increased by 0.2 point to 50.3, which is the 22nd straight month that PMI expanded.
UOB noted that the advance in the PMI reading is due to the uptick in recent high-frequency data.