The Domestic Supply Price Index in Singapore declined 6.0 percent from a year earlier in July 2019, compared to an upwardly revised 5.5 percent drop in the previous month. This was the third straight decrease in producer prices and the steepest decline since August 2016, as non-oil prices fell faster (-4.5% vs -3.3% in July) while mineral fuels prices continued to decrease (-9.8% vs -11.1%). Among the non-oil sub-indices, prices dropped further for machinery & transport equipment (-5.3% vs -3.8%); crude materials excluded fuels (-4.6% vs -3.5%), animal and vegetables oils (-13.1% vs -12.9%), and chemicals & chemical products (-8.5 vs -7.2%). In addition, prices went up softer for: manufactured goods (0.3% vs 0.9%); and miscellaneous and manufactured articles (0.7% vs 0.9%). Meantime, prices continued to increase for both food & live animals (1.7% vs 1.5%) and beverages and tobacco (2.3% vs 1.8%). Producer Prices Change in Singapore averaged 0.77 percent from 1975 until 2019, reaching an all time high of 29.27 percent in March of 1980 and a record low of -22.20 percent in July of 2009.
Producer Prices Change in Singapore is expected to be -4.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Producer Prices Change in Singapore to stand at 1.90 in 12 months time. In the long-term, the Singapore Producer Prices Change is projected to trend around 2.50 percent in 2020, according to our econometric models.