Singapore PM Lee: inflation is still a problem

[August 08, 2023]  SINGAPORE (Reuters) - Singapore Prime Minister Lee Hsien Loong on Tuesday said inflation is still an issue for the city-state known as one of the world's most expensive places to live.
 
"Inflation is still a problem for us, as it is for many countries," Lee said in a televised address ahead of Singapore's national day on Wednesday. 

Singapore's Prime Minister Lee Hsien Loong speaks during a press conference after the resignation of two senior lawmakers, at the Istana in Singapore, July 17, 2023. Singapore Press Holding Media Trust/Lianhe Zaobao/Ray Chua via REUTERS/File Photo

Headline inflation in Singapore slowed to 4.7% in May compared to 5.4% recorded in the first quarter.

Monetary Authority of Singapore chief Ravi Menon said last month that Singapore's inflation would ease significantly thanks to a tight monetary policy stance, but the central bank would "not switch from inflation-fighting mode to growth-supporting mode".

PM Lee on Tuesday also addressed a recent spate of scandals, including a graft investigation involving a minister and the resignations of two senior lawmakers including the speaker of the house. The cases have shocked the country that has a reputation for squeaky-clean politics.

"Let there be no doubt: my government is determined to keep our system free of corruption and wrongdoing," he said.

(Reporting by Chen Lin; Editing by Kanupriya Kapoor)

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