REGIONAL ECONOMIC CRISIS (Impact on cost of living index)

Parliament of Singapore · 19 February 1998 · 9th Parliament

Official Report, 19 February 1998, Vol 68, Issue 3 · Open in the reader (summaries, search, filters)

Lee Yock SuanYu-Foo Yee Shoon
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Mrs Yu-Foo Yee Shoon asked the Minister for Trade and Industry what impact the regional economic crisis will have on our cost of living index.

The Minister for Trade and Industry (Mr Lee Yock Suan): Mr Speaker, Sir, the regional economic crisis has not had any significant impact on our cost of living. Consumer prices rose by a modest 2.3% in the second half of 1997. Although the Singapore dollar has depreciated against the US dollar, it has strengthened against the regional currencies. Overall, the Singapore dollar has remained relatively stable on a trade-weighted basis. This has kept imported inflation at bay.

Domestically, inflationary pressures are also low as a result of slower economic activity and keener retail competition. The rate of consumer price inflation in 1998 is expected to remain low.

Source: Singapore Parliament Official Report (Hansard) for 19 February 1998. Republished on SGParliament.