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Financial News: Taiwan Inflation Eases More Than Forecast

Taiwan Inflation Eases More Than Forecast

08/05/2022 - 10:09:00 (RTTNews)

(RTTNews) - Taiwan's consumer price inflation eased more-than-expected in July, data released by the Directorate General of Budget, Accounting & Statistics showed on Friday.

Consumer prices rose 3.36 percent year-on-year in July, following a 3.59 percent increase in June. Economists had forecast inflation to ease to 3.51 percent.

Food prices alone grew 7.18 percent annually in July and clothing prices rose 3.02 percent.

Electricity charges logged a sharp growth of 12.64 percent in July due to a relatively lower comparison base.

Excluding fruits, vegetables and energy, core inflation dropped marginally to 2.73 percent in July from 2.77 percent in June.

On a monthly basis, consumer prices edged up a seasonally adjusted 0.2 percent in July, after a 0.11 percent increase in June.

Data showed that the wholesale price inflation eased notably to 13.11 percent in July from 16.32 percent in the previous month.

On a monthly basis, the wholesale prices fell 1.17 percent, mainly due to significant fall in prices for petroleum and coal products, basic metals, as well as quarrying and mining products.

The producer price index for domestically produced products dropped 0.96 percent monthly in July, while it grew 11.26 percent from a year ago.

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