Singapore producer prices declined at a faster pace in August on a sharp fall in oil cost, data from the Department of Statistics showed Tuesday.
Producer prices decreased 9.3 percent on a yearly basis in August, following a 6.4 percent drop in July. Oil and non-oil indices were down 35.6 percent and 5.4 percent, respectively.
Month-on-month, producer prices dropped 1.2 percent versus a 0.1 percent fall in July.
Another report from the statistical office showed that import prices slid 6.8 percent annually, extending the 7.3 percent fall in July. The oil index dropped 25.3 percent and non-oil prices slid 1.1 percent.
On a monthly basis, import prices fell 0.1 percent, in contrast to the 1.9 percent rise in July.
Data showed that export prices decreased 0.6 percent on month taking the annual fall to 8.2 percent in August.
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