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Financial News: Taiwan Inflation Rises Unexpectedly

Taiwan Inflation Rises Unexpectedly

06/07/2022 - 05:13:00 (RTTNews)

(RTTNews) - Taiwan's consumer price inflation advanced in May, defying expectations for a slowdown, data released by the Directorate General of Budget, Accounting & Statistics showed on Tuesday.

Consumer prices rose 3.39 percent year-on-year in May, following a 3.38 percent increase in April. Economists had forecast a 3.30 percent inflation.

Inflation increased mainly due to the rise in fuels and lubricants prices by 12.62 percent, driven by higher crude oil prices.

The price index for vegetables grew 22.12 percent, due to bad weather and relatively lower comparison base.

Excluding fruits, vegetables and energy, core consumer prices rose 2.60 percent in May.

On a monthly basis, the consumer price index rose 0.24 percent in May. The core CPI increased 0.09 percent.

Data showed that the wholesale prices rose 1.52 percent monthly in May, mainly due to depreciation of the Taiwanese dollar by 1.49 percent against the US dollar.

On a yearly basis, the wholesale prices grew 16.62 percent in May.

The producer price index for domestically produced products gained 1.16 percent monthly in May and 14.0 percent from a year ago.

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