Singapore SMEs brace for another year of rising costs

EVEN as Singapore’s inflation cools this year, small and medium-sized enterprises (SMEs) are expected to face continued – or even intensifying – cost pressures.

Industry leaders noted four areas of concern: rents; labour costs; utilities and fuel charges; and pass-through costs from suppliers.

Rents: Still heading up

Rental charges of commercial and industrial spaces will generally tick up in 2024, said Ang Yuit, president of the Association of Small and Medium Enterprises (Asme).