Singapore Producer Inflation Hits New Record High

Singapore’s Domestic Supply Price Index surged 48% year-on-year in September 2026, accelerating from a 38.8% gain in August and hitting a new all-time high. Prices increased at a faster pace for mineral fuels, lubricants, and related materials (78.9% vs 57.4% in August), machinery and transport equipment (55.5% vs 47.7%), and chemicals and chemical products (17.0% vs 13.8%). Offsetting the top-line spike, cost pressures moderated for miscellaneous manufactured articles (5.3% vs 5.8%), manufactured goods (4.6% vs 4.9%), beverages and tobacco (3.7% vs 4.3%), animal and vegetable oils, fats, and waxes (3.7% vs 4.3%), and crude materials (18.2% vs 20.2%). Moreover, food and live animals saw deflation deepen (-2.0% vs -1.4%). On a monthly basis, domestic supply prices climbed 7.3% in September, picking up from August's 4.1%.

Singapore’s domestic supply price index surged by 38.8% year-on-year in August 2026, marking the fastest rise on record and accelerating from an upwardly revised 33.6% gain in the previous month. The increase was driven mainly by higher prices for mineral fuels, lubricants and related materials (57.4% vs 46.8% in July), machinery and transport equipment (47.7% vs 42.3%), and chemicals and chemical products (13.8% vs 11.3%). Costs also rose faster for crude materials (20.2% vs 19.4%) and beverages and tobacco (4.5% vs 4.0%). Meanwhile, the non-oil domestic supply price index climbed to 33.0% from 29.3%. In contrast, food and live animals fell 1.4%, slightly deeper than the 1.2% decline in July. Producer inflation also softened for manufactured goods (4.9% vs 5.0%) and animal and vegetable oils, fats and waxes (4.2% vs 4.9%). On a monthly basis, the domestic supply price index rose by 4.1% in August, following an upwardly revised 2.4% gain in the preceding period.

Singapore’s domestic supply price index climbed 33.4% year-on-year in July 2026, accelerating from a downwardly revised 29.8% increase in the previous month. The increase was mainly driven by higher prices for mineral fuels, lubricants and related materials (46.4% vs 44.3%), machinery and transport equipment (42.3% vs 35.1%), and manufactured goods (5.0% vs 5.8%). The non-oil domestic supply price index also rose to 29.3% from 25.2%. On the other hand, price growth eased for chemicals and chemical products (11.1% vs 13.4%) and crude materials (19.4% vs 19.5%). Prices for food and live animals fell 1.2%, narrowing from a 1.8% decline in June. On a monthly basis, the domestic supply price index rose by 2.3% in July, rebounding from an upwardly revised 3% drop in the preceding period.