Plans and Long-Term Strategies to Address Rising Costs for Businesses and Cost of Living in Singapore

14 Mr Sitoh Yih Pin asked the Minister for Trade and Industry (a) whether the Government expects the recent trend of sharp increases in energy prices to continue in the near future; and (b) what are the Government's plans on addressing this issue in terms of the rising cost for businesses and cost of living for Singaporeans.

15 Mr Desmond Choo asked the Minister for Trade and Industry (a) what are the top 10 food items or ingredients that have increased in price since the Ukrainian-Russian conflict; (b) whether food stockpiles will be drawn upon amidst higher prices in recent months; and (c) what is the Ministry’s long-term strategy to ensure basic food necessities remain affordable to all.

16 Mr Melvin Yong Yik Chye asked the Minister for Trade and Industry (a) whether the prices of imported food commodities such as wheat, flour and sugar, have risen in the wake of the Russia-Ukraine conflict; (b) if so, by how much; and (c) what is being done to mitigate the rise in food prices which will be keenly felt by consumers.

Mr Gan Kim Yong: These questions have been addressed by the Ministerial Statements delivered by Minister Lawrence Wong and Minister Tan See Leng on 4 April 2022. [Please refer to "Inflation and Business Costs", Official Report, 4 April 2022, Vol 95, Issue 60, Statements by Minister for Finance and Second Minister for Trade and Industry section.]