Singapore announces $1.08 billion support package to handle soaring prices

A Singapore dollar observe is witnessed in this illustration photograph Could 31, 2017. REUTERS/Thomas White/Illustration

SINGAPORE, June 21 (Reuters) – Singapore will introduce a S$1.5 billion ($1.08 billion) assist offer for mostly reduce-revenue teams to aid mitigate improved dwelling costs from inflation and increasing electrical power rates, its finance minister explained on Tuesday.

The strategy is tilted toward small-income teams but will consist of rebates to all Singaporean households in the town-condition of 5.5 million people today for their utilities charges, Lawrence Wong instructed a media briefing.

The deal is off-cycle and will be partly funded by the better revenues gathered from the stronger-than-expected economic restoration very last calendar year.

Singapore has seen ten years-higher inflation currently and its central financial institution experienced tightened financial coverage three situations in a span of 6 months. browse additional

“The Ukraine war has set tremendous stresses on global supply chains, and protectionist actions by international locations has compounded supply chain disruptions,” Wong claimed, in accordance to a transcript presented by the finance ministry.

“World-wide power and food stuff costs have risen sharply, and we have to anticipate world inflation to broaden to other locations and even to pick up further more right before it stabilises and receives improved,” he included.

($1 = 1.3857 Singapore pounds)

Reporting by Chen Lin Editing by Martin Petty

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