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Financial News: Taiwan Inflation Highest Since August 2008

Taiwan Inflation Highest Since August 2008

07/06/2022 - 08:14:00 (RTTNews)

(RTTNews) - Taiwan's consumer price inflation accelerated at a faster-than-expected pace in June to reach its highest level in nearly fourteen years, largely driven by increased costs for fruits and electricity, data released by the Directorate General of Budget, Accounting & Statistics showed on Wednesday.

Consumer prices climbed 3.59 percent year-on-year in June, following a 3.40 percent increase in May. That was just above the 3.50 percent rise expected by economists.

Moreover, the latest inflation rate was the strongest since August 2008, when prices had increased 4.68 percent.

Prices for fruits alone surged 25.31 percent annually in June and electricity charges also registered a sharp increase of 22.47 percent.

Costs for fuels and lubricants were 7.86 percent higher in May compared to last year amid rising crude oil prices.

Excluding fruits, vegetables and energy, core inflation rose to 2.77 percent in June from 2.60 percent a month ago.

On a monthly basis, the consumer price index gained 0.8 percent in May. The core CPI edged up 0.06 percent.

Data also showed that wholesale price inflation eased to 16.45 percent in June from 16.97 percent in May. Compared to the previous month, wholesale prices went up 0.23 percent.

The producer price index for domestically produced products climbed 13.74 percent yearly and by 0.39 percent monthly in June.

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