Import prices up 1.4% in March

This was bolstered by oil prices, which climbed 13.3%.

The price of imports jumped 1.4% YoY in March, the Singapore Department of Statistics revealed. According to an announcement, oil prices climbed 13.3% whilst non-oil prices dipped 1.9%.

On a monthly basis, import prices fell 0.7%, as the price index for oil dipped 0.2% due to crude petroleum and high-speed diesel fuel. Non-oil prices also slipped 0.8%.

Meanwhile, export prices fell 0.7% YoY, as the oil price index jumped 13.7% whilst the non-oil price index fell 3.5%.

On a monthly basis, export prices were also down by 0.3% due to lower oil prices (-0.4%) brought about by cheaper bunker fuel and diesel fuel & fuel oils. The non-oil index dipped 0.3%, indicating a steeper decline than 0.1% in February.

In a separate announcement, SingStat said the price of products manufactured in Singapore jumped 1.3% YoY, due to higher oil prices (+12.9%), offset by lower non-oil prices (-0.7%).

On a monthly basis, the price index moved higher by 1.4%, but oil prices were weighed down (-0.5%) by cheaper power kerosene and bitumen. The non-oil price index rose 1.8%.

Meanwhile, the prices of domestic supply rose 0.9% YoY, amidst higher oil prices (+13.5%) and lower non-oil prices (-3.3%).

On a monthly basis, the price index declined 1%, as the oil index slipped 0.3% from cheaper power kerosene and crude petroleum and the non-oil index also fell 0.4%.