Emergence of Second-round Effect of Inflation and Main Drivers Contributing to Wage and Services Inflation Outlook in 2022

Mr Saktiandi Supaat asked the Minister for Trade and Industry (a) whether there has been an emerging second-round effect of inflation; (b) if so, whether such effect will persist in 2022; (c) what are the potential main drivers contributing to wage and services inflation outlook in 2022; (d) what other price stabilisation measures are being explored to mitigate potential rise in supply side cost drivers; and (e) whether there are further plans to enhance cooperation with retailers in 2022 to reduce excessive pricing practices on daily necessities and food items.

Mr Gan Kim Yong: I thank for Member for the question. It has been addressed by oral reply to Question Nos 4 and 5 on the Order Paper for 11 January 2022. [Please refer to "Reasons for Recent Rise in Costs and Measure to Help Singaporeans Cope", Official Report, 11 January 2022, Vol 95, Issue 45, Oral Answers to Questions section.]