Singapore Producer Deflation Eases in February

Singapore’s Domestic Supply Price Index fell by 2.9% year-on-year in February 2026, easing from an upwardly revised 6.1% decline in the previous month. This marked the third consecutive month of decline, albeit at a slower pace, as deflation moderated for food and live animals (-1.8% vs -2.2%), mineral fuels (-11% vs -16.6%), and chemical and chemical products (-8.8% vs -9.5%). At the same time, costs increased for crude materials (11.4% vs 4.3%), while prices recovered for animal and vegetable oils, fats, and waxes (1% vs -1.7%). In contrast, price growth eased for beverages and tobacco (3% vs 3.9%) and miscellaneous manufactured articles (11.1% vs 14.8%). On a monthly basis, the Domestic Supply Price Index rose by 3.1% in February, recovering from a 0.1% drop in the preceding period.

Singapore’s Domestic Supply Price Index dropped by 6% year-on-year in January 2026, slipping further from a downwardly revised 2.6% fall in the previous month. This marked the second consecutive month decline, driven by sharper decreases in costs for mineral fuels (-16.7% vs -11.7% in December), chemicals and chemical products (-9.1% vs -8%), and food and live animals (-2.2% vs -0.6%). Prices also fell for machinery and transport equipment (-3.9% vs 0.1%) and animal and vegetable oils, fats and waxes (-1.2% vs 2.1%), while inflation softened for beverages and tobacco (3.7% vs 4.2%). On the other hand, costs continued to increase for miscellaneous manufactured articles (14.8% vs 15.8%), crude materials (4.2% vs 3.7%), and manufactured goods (0.9% vs 0%). On a monthly basis, the Domestic Supply Price Index fell by 0.1% in January, easing from a slightly downwardly revised 1.6% decline in December.

Singapore’s Domestic Supply Price Index dropped by 3.3% year-on-year in December 2025, reversing an upwardly revised 2.8% increase in the previous month. This marked the first decline in producer prices in five months and the sharpest since June, driven by sharp decreases in costs for mineral fuels (-11.7% vs -4.9% in November), chemicals and chemical products (-7.9% vs -6.9%), and machinery and transport equipment (-1.4% vs 7.8%). At the same time, producer inflation softened for animal and vegetable oils, fats and waxes (2.1% vs 8%) and miscellaneous manufactured articles (15.8% vs 16.1%). In contrast, prices continued to increase for beverages and tobacco (4.2% vs 3.5%) and crude materials (4% vs 2.3%). On a monthly basis, the Domestic Supply Price Index fell by 1.7% in December, slipping from an upwardly revised 0.6% gain in the preceding period.