TAIPEI (Taiwan News) — Taiwan’s consumer price index (CPI) increased by 3.59% in June, the highest level in 14 years, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said on Wednesday (July 6).
June’s CPI was higher than May’s 3.4% rise and also marks the fourth consecutive month with a CPI over 3%, CNA cited DGBAS as saying. June’s 3.59% increase was also the highest since September 2008, DGBAS said.
According to DGBAS official Tsao Chih-hung (曹志弘), June’s figures were affected by continued increases in the price of food for things like fruit and eating out, in addition to rising rent costs and fuel prices.
Tsao added that while Russia’s invasion of Ukraine had caused agricultural and industrial raw materials prices to jump in previous months, those price rises slowed in June. This was caused by reduced raw materials demand over recession concerns and better than expected weather, which helped increase agricultural output.
Looking ahead, DGBAS said Taiwan’s CPI in July is expected to decline, however it could still come in at above 3%.