But Wong, who is also Finance Minister, added that the extent of this easing towards the year end and where the new inflation rates will stabilise at are big uncertainties.
"We will just have to pay that little bit more in order to be greener, in order to have more resilient supply chains, so we have to be prepared for that new equilibrium where inflation is concerned," said Wong. Additionally, targeted measures to help the most vulnerable deal with rising prices have also been put in place, including a $1.5 billion support package announced in June to provide immediate relief."We will continue to monitor the situation, and the assurance we give to everyone in Singapore is that if the inflation situation were to worsen, we will certainly be able to provide more assistance.
MTI said the external demand outlook for Singapore's economy had weakened compared with three months ago, while downside risks to the global economy remain significant from the war in Ukraine, inflation and geopolitical tensions in the region. Wong said the Republic always looks at updating its tax and transfer system while ensuring that it stays fair and progressive.
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