Taiwan’s Consumer Price Index increased 1.05 percent year on year in October on the back of consistently higher food costs, according to the Directorate-General of Budget, Accounting and Statistics Nov. 5.
Surging egg prices, which increased 23.47 percent, were a major factor in this trend. Costs of meat, seafood and fruit contributed as well, up 11.43 percent, 5.45 percent and 3.01 percent, respectively.
Service charges were also higher in the month, increasing 1.48 percent from last year. The price of dining out, which accounts for nearly 10 percent of the CPI, rose 4.24 percent and continued a four-month streak of 4 percent gains.
But steady drops in the cost of consumer electronics and a 7.74 percent cut in the price of gasoline to its lowest level in 62 months helped soften the increase. This was also partially offset by a 6.01 percent decrease in vegetable costs due to a lower comparison from last year.
For the first 10 months of the year, Taiwan’s CPI was up 1.3 percent, a result well under the first nine months in Hong Kong, 4.2 percent, Japan, 2.8 percent, and mainland China, 2.1 percent.
According to the DGBAS, the country’s consumer prices are projected to gain 1.64 percent for the year. (SFC-JSM)
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