Singapore Producer Inflation at Record High

Singapore’s domestic supply price index climbed 34.2% year-on-year in May 2026 from an upwardly revised 32.1% jump in the previous month. This marked the highest reading since records began in January 1975, driven largely by sharply higher costs for mineral fuels, lubricants and related materials (77.2% vs 81.1% in April), machinery and transport equipment (27.6% vs 20.4%), and chemical and chemical products (21.5% vs 21.3%). Producer inflation also increased for crude materials excluding fuels (12.9% vs 10.3%) and miscellaneous manufactured articles (7.7% vs 7.1%). On the other hand, prices declined for food and live animals, down 2.6% after a 3.2% drop in the prior month. On a monthly basis, producer prices decreased by 1.9% in May, marking the first month of decline this year and reversing a 3.4% gain in the preceding period.

Singapore’s domestic supply price index jumped 31.6% year-on-year in April 2026 from an upwardly revised 26.7% in the previous month. This marked the highest reading since records began in January 1975. Costs increased in beverages and tobacco (3.8% vs 2.6% in March), crude materials excluding fuels (9.8% vs 8.5%), mineral fuels, lubricants, and related materials (79.3% vs 70.8%), animal and vegetable oils, fats, and waxes (1.5% vs 1.2%), chemical and chemical products (21.4% vs 4.4%), manufactured goods (3.6% vs 3%), and machinery and transport equipment (20.4% vs 16.4%). Additionally, prices declined at a slower pace for food and live animals (-2.7% vs -3.2%). Meanwhile, inflation eased for miscellaneous manufactured articles (7.1% vs 10.3%). On a monthly basis, the index rose 3.1% in April, following an upwardly revised 21% jump in March.

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%.