Singapore September import prices rise 4.7% as fuel prices return to March peak

Fuel import prices are back at their March peak

The import price index tracks the prices Singapore pays for goods it buys from abroad. Rising import prices can feed into domestic costs. In September the overall index rose to 110.48 from 105.53 in August. That is about 19.9% higher than a year earlier. The index for mineral fuels, lubricants and related materials rose 16.1% to 150.34. This is close to the March peak of 150.87 and well above the 84 level seen before the March jump. The easing in fuel prices seen in June and July has now fully reversed.

• Crude petroleum import prices rose 24.2% to 144.99, above March's 142.95.
• Refined petroleum product prices rose 13.3% to 157.09.
• Gas prices rose 7.6% to 113.56.

Prices of other imports barely moved

The non-oil import price index, which excludes oil, rose 0.2% to 98.60. It is about 4.4% higher than a year earlier. The rise in import prices has not spread from energy to other goods.

Export prices also rose, but by less than import prices

The export price index tracks the prices Singapore receives for the goods it sells abroad. It rose 3.6% to 107.26, about 19.4% higher than a year earlier. Petroleum export prices rose 12.7% to a new high of 139.32. The non-oil export price index rose 0.9% to 99.37. Export prices for semiconductors and integrated circuits rose 2.9% to 101.16, up from 84.9 last December. Electrical machinery export prices rose 2.5%. Import prices rose faster than export prices, so the terms of trade worsened slightly. The terms of trade compare export prices with import prices. The ratio of the export index to the import index fell to about 0.97 from 0.98.

August figures were revised only slightly

The Singapore Department of Statistics (SingStat) revised overall August import prices to 105.53 from 105.55. It revised overall August export prices to 103.49 from 103.47.