TAIPEI (Taiwan News) — Amid fears of rising inflation and an interest rate hike in March, consumer confidence dropped to a 10-month low in April, reports said Wednesday (April 27).
The latest figures also showed the third consecutive monthly decline for the Consumer Confidence Index (CCI), according to the Research Center for Taiwan Economic Development at National Central University. The CCI fell 0.47 points from March to reach 71.77 for April, its lowest level since July 2021, CNA reported.
Global inflation trends and decisions by central banks, including Taiwan’s, to raise interest rates influenced the CCI’s performance. If these conditions continue, even the country’s robust exports might suffer during the second half of 2022, triggering a further drop in consumer confidence, according to the center.
The interest rate hikes accounted for a 4.3-point drop to 41.6 for the CCI component indicating confidence in stock market investing for the next six months. The figure amounted to the lowest level in 15 months, while confidence in buying property also fell markedly, the center survey showed.
A total of 2,776 residents aged 20 and over gave valid responses to the survey, with a margin of error of 2.0%.