Singapore’s Domestic Supply Price Index dropped by 6% year-on-year in January 2026, slipping further from a downwardly revised 2.6% fall in the previous month. This marked the second consecutive month decline, driven by sharper decreases in costs for mineral fuels (-16.7% vs -11.7% in December), chemicals and chemical products (-9.1% vs -8%), and food and live animals (-2.2% vs -0.6%). Prices also fell for machinery and transport equipment (-3.9% vs 0.1%) and animal and vegetable oils, fats and waxes (-1.2% vs 2.1%), while inflation softened for beverages and tobacco (3.7% vs 4.2%). On the other hand, costs continued to increase for miscellaneous manufactured articles (14.8% vs 15.8%), crude materials (4.2% vs 3.7%), and manufactured goods (0.9% vs 0%). On a monthly basis, the Domestic Supply Price Index fell by 0.1% in January, easing from a slightly downwardly revised 1.6% decline in December.