Singapore’s Import Price Index (IPI) and Export Price Index (EPI) both saw notable increases in August 2026, driven primarily by rising oil prices. The IPI rose by 1.6% month-on-month, extending its growth from July, whilst the EPI increased by 1.9%, marking its first rise in four months.
The IPI’s oil index surged by 4.8% in August, up from a 1.9% increase in July. Meanwhile, the non-oil index continued its trend of modest growth, rising by 0.4%. Year-on-year, the IPI recorded a 15.6% increase, with the oil index soaring by 56.6%, reflecting ongoing tensions in the Middle East that have impacted petroleum prices.
Similarly, the EPI’s oil index experienced a significant month-on-month increase of 7.1%, accelerating from a 0.7% rise in July. The non-oil index also reversed its previous month’s decline, growing by 0.3%. On an annual basis, the EPI rose by 15.2%, with the oil index climbing by 51.6%.
The increases in both indices were largely attributed to higher prices of petroleum and petroleum products. Additionally, the non-oil indices were influenced by rising costs of electrical machinery, particularly electronic integrated circuits, and jewellery.
These developments highlight the ongoing volatility in global oil markets and their impact on Singapore’s trade prices. As geopolitical tensions continue to affect oil supply, further fluctuations in import and export prices may be anticipated.
