Singapore Domestic Supply Prices Surge Fastest Since 2022

Singapore’s domestic supply price index surged 21.6% year-over-year in March 2026, the sharpest increase since June 2022, as the Middle East war drove energy costs higher. The acceleration from an upwardly revised 2.4% rise in February was led by a 49.9% jump in mineral fuels. Additional upward pressure came from machinery & transport equipment (16.4% vs. 10.8% in February), chemicals & chemical products (4.3% vs. –8.7%), and manufactured goods (3.0% vs. 1.1%). On a monthly basis, the index climbed 16.1% in March, following a 3.7% increase in February, as oil prices soared 60.4%.

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.