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Written reply to PQ on Inflation and Impact on Singapore Economy

Written reply to PQ on Inflation and Impact on Singapore Economy

Question

Mr Desmond Choo: To ask the Minister for Trade and Industry (a) whether Singapore will face a quickened pace of inflation; and (b) if so, how will such a development affect the Singapore economy over the next 12 months.

Written Answer by Minister for Trade and Industry Mr Gan Kim Yong

1. MTI expects CPI-All Items inflation to average between 1% and 2% this year, following the 0.2% decline in consumer prices last year.

2. Consumer price increases in Singapore are likely to be relatively moderate, although global inflationary pressures are likely to remain elevated in the near term, due to higher oil prices and higher inflation in some of our major trading partners including the US.

3. As this year’s projected inflation rate largely reflects normalising prices amidst an uncertain global and domestic economic recovery, MTI does not expect it to have an adverse impact on the Singapore economy. The Government will continue to monitor inflation trends in the Singapore economy closely, and help Singaporeans cope with cost of living pressures.

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