Singapore's central bank said that it is "firmly committed" to price stability over the medium term. The remarks were by made by MAS Deputy Managing Director Ong Chong Tee at the SMU Sim Kee Boon Institute for Financial Economics annual conference on Monday. "With respect to cost pressures arising from supply-side inflation, monetary policy should aim to tamper, but not fully offset this. Higher labour costs in the short term due to permanent supply side shifts are part and parcel of the market's equilibrating process to guide the economy to a more sustainable growth path," Mr Ong said.

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