The Monetary Authority of Singapore (MAS) tightened its policy stance on Tuesday by slightly increasing the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) band while leaving its width and centre unchanged. The widely expected move aims to contain inflationary pressures from surging energy prices linked to the Middle East conflict. Policymakers anticipate Singapore's GDP growth will moderate this year, with the output gap averaging around zero. Meanwhile, rising imported energy costs and broader price increases are set to lift MAS Core Inflation in the near term. Forecasts for both MAS Core Inflation and CPI-All Items inflation were raised to 1.5–2.5% from 1.0–2.0%. Private transport costs are expected to rise on higher fuel prices, partly offset by softer accommodation inflation amid subdued rental growth. MAS emphasized it remains well positioned to safeguard medium-term price stability and stands ready to curb excessive S$NEER volatility.