Singapore's import and export price indices up in October

Import prices rose 3.2%, whilst export prices grew 1.1%.

Singapore's import price index rose 3.2% YoY, whilst its export price index went up 1.1% YoY in October, the Singapore Department of Statistics (SingStat) revealed.

For imports, oil and non-oil indices rose 13.4% and 0.6%, respectively.

Five commodities showed higher prices, led by manufactured goods at 5.8%, followed by crude materials at 3.5%, chemicals & chemical products at 2.9%, beverages & tobacco at 0.5%, and food & live animals at 0.3%.

These were partially moderated by lower prices of three commodities. Miscellaneous manufactured articles fell 1%, animal & vegetable oils dropped 0.4%, whilst machinery & transport equipment went down 0.2%.

For exports, the oil index jumped 15.1%, whilst the non-oil index slipped 1.5%.

Prices of beverages & tobacco dipped 4%, machinery & transport fell 3.1%, food & live animals went down 2.4%, and miscellaneous manufactured articles dropped 0.4%.

Meanwhile, these decreases were offset by higher prices of crude materials at 10.9%, manufactured goods at 3.7%, chemicals & chemical products at 2%, and animal & vegetable oils at 0.5%.