Inflation is like toothpaste – once it is out, you can hardly get it back in again, according to the German economist Karl Otto Pohl.

It came as no surprise that the Monetary Authority of Singapore (MAS) kept its monetary policy unchanged in its quarterly review this week. With the Singapore economy expected to strengthen this year, further global shocks notwithstanding, MAS reiterated that the current monetary policy stance remains appropriate and that existing measures will continue to dampen imported inflation and curb domestic cost pressures.