Singapore's producer prices jumped higher in April, propelled by increases on global crude prices, reported Statistics Singapore on Friday.
The city-state's manufactured products price index rose 20.2% on year in April, and gained 6.7% from March, said officials. The index measures prices at the factory gate of domestically produced goods.
Singapore's manufactured products oil price sub-index rose 68.2% in April on year, and by 4.1% on month, reflecting surging global petroleum prices since the Strait of Hormuz was closed to tanker traffic in February.
However, even Singapore's non-oil manufactured products price sub-index rose 21.4% on year in April, and by 7.3% from March, said Statistics Singapore.
Chemical prices rose 28% on year in April, reflecting increases in the costs of oil and gas, from which chemicals are often derived.
Statistics Singapore also produces a domestic supply price index, designed to measure prices of goods manufactured locally or imported, but which are retained for use in the domestic economy.
The domestic supply price index rose 31.6% on year in April, and by 3.1% from March, reported the agency.
Singapore's domestic oil supply index rose 79.3% on year in April, but slipped 1.6% in March.
The city-state's non-oil domestic supply index rose 17.1% on year in April, and by 5.4% from March.
The Monetary Authority of Singapore, the city-state's de facto central bank, is slated to release a policy statement and macroeconomic outlook on July 31.
Despite recent increases in producer prices, Singapore's core consumer price index inflation eased to a 1.4% on-year rise in April, down from 1.7% in March. The headline inflation rate remained unchanged at 1.8% on year, in the month.
The MAS does have an explicit inflation target, but bank literature refers to inflation near 2% or below as "stable."
