Singapore Import Prices Continue To Fall

(RTTNews) - Singapore's import prices continued to fall in August but the pace of decrease softened, the Department of Statistics showed Monday.

Import prices declined 3.8 percent year-on-year in August, sharper than July's 6.1 percent decrease.

Oil prices posted a double-digit fall of 13.7 percent, while non-oil index dropped only 0.8 percent.

At the same time, the annual fall in export prices softened to 5.3 percent from 8.0 percent in July.

Month-on-month, import prices edged down 0.1 percent, while export prices grew 0.1 percent in August.

Another official data showed that producer price inflation accelerated to 6.0 percent in August from 1.6 percent in July.

The increase was driven by the non-oil index, which advanced 8.3 percent. By contrast, oil prices dipped 6.7 percent.

On a monthly basis, producer prices rose 0.9 percent in August, reversing the 0.9 percent decline in July.