Singapore Import Prices Rise 13.5% Amid Oil Price Surge

The Import Price Index in Singapore rose 13.5% year-over-year (YoY) in July, according to data from the Department of Statistics.

This increase extends the upward trend seen in recent months and follows a 0.8% monthly rise in July.

The oil import index was the primary driver of the increase, climbing 45.5% YoY due to higher petroleum-product prices caused by the Middle East conflict.

Meanwhile, non-oil import prices rose 4.8% YoY and 0.5% monthly, with machinery and transport equipment contributing significantly to both increases.