5. Below is an extract of an article about the Singapore economy. (Inflation Units 5 & 7) In their joint statement on December's inflation figures, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) said that their forecasts for headline and core inflation remain the same "at this stage" - at -0.5 to 0.5 per cent and 0.5 to 1.5 per cent respectively. "However, there is significant uncertainty over the outlook for average global oil prices for the year as a whole. MTI and MAS will continue to closely monitor the developments in global oil prices and assess their impact on domestic inflation." Kelly Tay. (2016, January 26). MAS may ease up on monetary policy: economists. Retrieved from http://www.businesstimes.com.sg/government-economy/mas-may-ease-up-on-monetary-policy-economists (i) According to the article, MTI and MAS closely monitor the global oil prices. What impact does oil price has on general price levels? What is the term used to describe such cause of inflation? (ii) Explain the other category of inflation. Use an economic example (hypothetical or real world events) in your explanation