Karma to PAP
Other readings are less sanguine, suggesting that it's more than just a supply-side question. Manu Bhaskaran, founding director of economic consultancy Centennial Asia, sees other disinflationary forces at work.
''Higher costs and a loss of profitability and competitiveness that are causing companies to re-engineer through downsizing, relocation, exiting Singapore, or pressing suppliers to reduce prices of inputs . . . These are inherently disinflationary,'' he said.