And while MAS said inflation will likely peak in the third quarter of the year, the economists noted that food inflation remains a concern, especially as countries around the world are starting to implement protectionist policies to secure their own food supplies.
“Our current expectation is for real wage growth to be positive. In other words, we do expect the nominal wage growth to continue to outpace inflation for this year,” said Ms Yong. But DBS senior economist Irvin Seah had a different view, saying that wage growth may be led by languishing sectors instead. This is because any wage increase in thriving sectors would be compared to an already higher base previously.
Asked about the extent of the impact on Singapore’s food and overall inflation, MTI permanent secretary Gabriel Lim said that it would depend on various factors, such as how long the ban would last and how fast Singapore is able to switch sources. Separately, Ms Ling of OCBC told TODAY that unlike energy, there are a lot of substitution choices for food, hence the Government’s strategy of diversification and stockpiling does help to hedge some risks.
Source: News Formal (newsformal.com)
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