Strengthening Singapore dollar has helped to manage rising costs as Singapore is dependent on imports, said Defence Minister Teo Chee Hean at a Pasir Ris-Punggol GRC event on Sunday.
At the same time, he reassured Singaporeans that the government is trying to minimise the impact of inflation through initiatives like the GST rebates, the Growth Bonus and the Workfare Income Supplement Scheme. Mr Teo added that he remains optimistic as events and investments like the Formula One race, the integrated resorts and manufacturing, financial services will help to create jobs and maintain Singapore's economy.
But for now, the government will take steps to manage inflation.
He said: "It is not possible for us to control the price. We have to take the price of the market because we import all the products. What can we do? What has happened is that the Singapore dollar has grown stronger so the Singapore dollar is able to buy more of these products. This has helped to make the inflation a little less."
- CNA/so
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