Because S’pore is an open economy, inflation threatens household budgets. Inflation is driven by disease-induced supply-chain foul-ups, and rising global food, commodity prices and energy prices.
The solution: raise GST by 2%age points.
OK, OK there’s some “Ownself pay ownself” via GST rebates etc. But they are “peanuts”.
Thoughts of a Cynical Investor 
I’m surprised no one is mentioning 1 way to lower prices: open up the foreign worker floodgates. Labour shortage, increase in wages, increased lead times & costs in training workers etc have been significant input costs for companies, which are passing on costs to consumers.
We used to say that S’pore has no natural resource except for cheap & good labour. Those days are long gone.
The only resource we have are good country hygiene factors: political stability, rule of law, pro-business regulations, intellectual protections, excellent infrastructure, excellent connectivity & logistics.