Minister: Singapore very concerned about inflation
SINGAPORE, APR 9 (AP/UNB) - Singapore Trade and Industry Minister Lim Hng Kiang says his country's central bank is "very concerned" that inflation has remained stubbornly high despite slowing economic growth.
Lim told parliament Monday that the inflation rate "has been more persistent" and Singapore was "stuck with inflation just below 5 percent for quite a long time."
The central bank is scheduled to release its biannual monetary policy statement Friday.
Analysts expect the bank will continue to allow the Singapore dollar to gradually rise in a bid to lessen the impact of higher global commodities prices such as oil.
The government is forecasting inflation will slow to between 2.5 percent and 3.5 percent this year from 5.5 percent last year.
Lim told parliament Monday that the inflation rate "has been more persistent" and Singapore was "stuck with inflation just below 5 percent for quite a long time."
The central bank is scheduled to release its biannual monetary policy statement Friday.
Analysts expect the bank will continue to allow the Singapore dollar to gradually rise in a bid to lessen the impact of higher global commodities prices such as oil.
The government is forecasting inflation will slow to between 2.5 percent and 3.5 percent this year from 5.5 percent last year.
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