Manufactured products price index contraction eases in 2024

It was an improvement from the -4.5% in 2023.

Singapore’s Manufactured Products Price Index (SMPPI) declined 0.5% year-on-year (YoY), moderating from a 4.5% YoY contraction in 2023. In comparison, 2022’s SMPPI rate was at 14.9% YoY, data from the Department of Statistics showed.

The drop in Non-oil sub-indices was primarily driven by lower prices in Miscellaneous Manufactured Articles, particularly professional and scientific instruments, as well as declines in Chemicals & Chemical Products, Manufactured Goods, Animal & Vegetable Oils, and Beverages & Tobacco.

The decreases were partially offset by increases in Machinery & Transport Equipment, Food & Live Animals, and Crude Materials.

Similarly, the Domestic Supply Price Index (DSPI) fell 1.3% YoY, following a 6.7% YoY decline in 2023. 

The decrease in Non-oil sub-indices was driven by lower prices in Chemicals & Chemical Products, Miscellaneous Manufactured Articles, Manufactured Goods, Animal & Vegetable Oils, Crude Materials, and Beverages & Tobacco. 

These declines were partially offset by gains in Machinery & Transport Equipment and Food & Live Animals.