The average Singapore will not feel the
effects of a sharp inflation, Deputy Prime Minister and Finance Minister
Tharman Shanmugaratnam said today in a speech at this year's May Day dinner.
He
acknowledged that the 5.2 per cent increase in the Consumer Price Index (CPI)
for March 2012 compared to a year ago, was a "high figure".
But
more than half of this inflation rate of 5.2 per cent comes from higher COE
premiums on cars and the effect of higher market rents on homes, the Manpower
Minister said.
So
those who already own their homes and are not buying a new car will be
unaffected.
In fact
for most Singaporeans, inflation in actual household expenses is lower than 5
per cent.
Mr
Tharman explained that the increase in prices of daily necessities and
essential services, such as food, clothing and footwear, and education, has
actually been much more moderate, at 3.0 per cent or lower.
Nevertheless
the Government is closely monitoring the situation, including prices of
everyday goods and services, Mr Tharman said.
Inflation
remains an important challenge and it is also one that union leaders are most
concerned about, he said.
The
Monetary Authority of Singapore has been gradually strengthening the value of
the Singapore dollar to reduce the impact of imported inflation.
Actions
have also been taken to cool the property market as an overheated property
market with inflated property prices, while by themselves not part of the CPI, can
drive up other prices.
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