Inflation may ease: Tharman
Weekend • May 10, 2008
— Bloomberg
Singapore's inflation may slow down in the second half from that of the preceding period, Finance Minister Tharman Shanmugaratnam said.
The government does not need to adjust its inflation forecast of 4.5 per cent to 5.5 per cent, Mr Tharman told reporters in Jakarta yesterday. Singapore's policies focus on the long-term trend, he said.
The Monetary Authority of Singapore (MAS) expects this year's inflation to average at the "upper half" of its forecast range of between 4.5 per cent and 5.5 per cent, after prices gained 2.1 per cent last year.
Inflation has accelerated in the past year to 5.6 per cent — its highest in 26 years — partly because of rising raw material prices and after the government raised the goods and services tax on July 1. Global food prices surged 57 per cent in the past year while crude oil prices have doubled.
Last month, the MAS unexpectedly targeted a stronger trading range for the currency to help ease rising costs of staples such as food and energy.
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