Import prices up 1.4% in April

Oil prices jumped due to costlier crude petroleum and fuel oils.

The prices of imports in Singapore rose 1.4% in April from the 0.6% dip last month. Compared to last year, the prices jumped 2%.

Oil prices rose 5.8% in April due mainly to higher prices of crude petroleum and diesel fuel & fuel oils, whilst non-oil prices dipped 0.1%. The decreases in non-oil were led by beverages & tobacco (-0.6%) and machinery & transport equipment (-0.2%).

Meanwhile, the prices of exports jumped 1.2% from the 0.3% slump last month. Oil export prices jumped 6.1% due to higher prices of bunker fuel and high-speed diesel fuel. Non-oil prices were unchanged, but increases were seen in manufactured goods (0.9%) and chemicals & chemical products (0.2%).

The prices of manufactured products dipped 2.1% as oil prices rose 4.5%, offset by lower non-oil prices at 3.4%. On a yearly basis, manufactured products’ prices were unchanged, but increases were found in oil prices (15%) offset by non-oil (-2.8%).

Declines in the non-oil sub-indices were led by the chemicals & chemical products (-11.6%), due mainly to lower price of organic chemicals.

Lastly, the domestic supply price index edged up 1.5% as the oil index jumped 5.8%, slightly offset by the non-oil index dip at 0.2%. Declines in the non-oil sub-indices were led by chemicals & chemical products (-3.4%) due mainly to lower prices of organic chemicals and manufactured goods (-0.1%).