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Singapore’s domestic supply price index rose 34.2% year-on-year in May 2026, accelerating from an upwardly revised 32.1% increase in April and reaching the highest level since data collection began in January 1975. The surge was driven mainly by sharply higher prices for mineral fuels, lubricants and related materials (77.2% vs 81.1% in April), machinery and transport equipment (27.6% vs 20.4%), and chemicals and chemical products (21.5% vs 21.3%). Producer prices also picked up for crude materials excluding fuels (12.9% vs 10.3%) and miscellaneous manufactured articles (7.7% vs 7.1%). In contrast, prices for food and live animals continued to decline, falling 2.6% after a 3.2% drop in the previous month. On a monthly basis, the index fell 1.9% in May, the first decline this year, reversing a 3.4% increase in April.
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