Singapore's domestic supply price increased 7% in 2017

This was highly driven by a 29.4% increase in oil prices.

Singapore’s National Statistics Office reported that Singapore’s domestic supply price index increased by 7% YoY in 2017, from a 6.9% decline in 2016.

Higher prices of oil (29.4%), chemicals and chemical products (5.7%), manufactured goods (3.8%), animal and vegetable oils (2.4%), food and live animals (1.9%), and miscellaneous manufactured articles (0.6%) were partially offset by a decline in prices of beverages and tobacco (-1.7%), machinery and transport equipment (-1%), and crude materials (-0.9%).

Further, the manufactured price index rose by 3.8% YoY in 2017, offsetting the 5.5% decline in the previous year.

An increase in prices of oil (25.1%), chemicals and chemical products (5.1%), animal and vegetable oils (5%), miscellaneous manufactured articles (1.9%), and manufactured goods (1.6%) were partially offset by a decline in prices of beverages and tobacco (-4.4%), machinery and transport equipment (-2.2%), food and live animals (-0.2%), and crude materials (-0.1%).