Supply prices rise 21.6% YoY in March on oil-driven gains

Meanwhile, the SMPPI rose 20.3%, led by a 54.3% increase in the oil index.

The Domestic Supply Price Index (DSPI) rose 21.6% year-on-year (YoY) in March, accelerating from a 2.4% increase in February, according to the Singapore Department of Statistics.

On a month-on-month (MoM) basis, the DSPI climbed 16.1%, after rising 3.7% in February.

The oil component surged 49.9% YoY and 60.4% MoM, whilst the non-oil component rose 12.2% and 3.5%, respectively, driven by higher prices of petroleum and related products.

Separately, the Singapore Manufactured Products Price Index (SMPPI) rose 20.3% YoY, up from 5.4% in February.

On a monthly basis, the index increased 11.2%, following a 3.9% rise in the previous month.

The oil index under SMPPI jumped 54.3% YoY and 61.0% MoM, supported by higher petroleum prices linked to the Middle East conflict, whilst the non-oil index rose 14.9% and 4.4%, respectively.

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