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SINGAPORE \u2013 Singapore\u2019s economic growth in the coming quarters is likely to be affected by the ongoing Middle East conflict<\/span><\/a>, and inflation is expected to be higher than earlier estimated, Deputy Prime Minister Gan Kim Yong said on April 7. <\/p>\n He told Parliament that the impact of supply disruptions and higher prices of energy as well as raw materials will cascade through the economy, pushing up business and transport costs and consumer prices. <\/p>\n This will in turn dampen demand and slow down economic growth worldwide.<\/p>\n Singapore will not be able to insulate itself completely from the crisis, and must respond with a coordinated, multi-agency effort to cushion the impact on its people and economy, he added.<\/p>\n With the conflict involving the US, Israel and Iran entering its sixth week, Singapore is already suffering from higher petrol prices<\/span><\/a> and electricity tariffs<\/span><\/a>. If the conflict is protracted, higher inflation in Singapore\u2019s source markets could also lead to further import price increases over time, DPM Gan said.<\/p>\n \u201cThese pressures will be felt by households in more expensive electricity, transport and daily necessities,\u201d he added. \u201cLower-income households will be more affected, as a larger share of their spending goes towards essentials.\u201d<\/p>\n DPM Gan noted that while many sectors will be hit, some will feel the effects more than others.<\/p>\n