Help Measures for Households and Businesses Given Continued Rise in Food and Fuel Prices
- The Minister of State for Trade and Industry outlined that inflation in Singapore has eased, with CPI-All Items inflation at 4.1% in July, and is expected to average 4.5% to 5.5% for the full year, though upside risks remain from global shocks and commodity prices.
- The government has implemented a multi-pronged approach to support households and businesses, including the Assurance Package for cost-of-living support, enhanced financing schemes for businesses, and energy efficiency grants to mitigate rising costs.
- To address rising rice prices due to export bans and supply issues, the government has diversified food import sources, strengthened local production, and secured waivers from India for rice imports, while encouraging consumers to use tools like the Price Kaki app for price comparisons and consider alternative rice varieties.
- Monetary policy remains focused on maintaining a strong Singapore dollar to dampen imported inflation, with the Monetary Authority of Singapore set to review its stance in October.
- Officials emphasized continued monitoring of inflation trends and readiness to provide further support to Singaporeans and businesses if necessary.