OUTLOOK
The authorities noted that elevated global energy prices led to increases in Singapore’s electricity and gas tariffs and higher transportation fares.
“Global oil prices remain high and volatile, while adverse weather conditions are expected to lower agricultural yields and raise Singapore’s imported food prices,” said MAS and MTI.
The prices of a wider range of Singapore’s imported goods and services are expected to pick up in the coming quarters as higher input costs pass through global supply chains, the ministries added.
On the domestic front, services unit labour costs are likely to rise at a slower pace amid sustained productivity growth and moderating nominal wage growth.
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