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Taiwan's CPI in May down 0.73% (update)

Taiwan's CPI in May down 0.73% (update)

Taipei, June 5 (CNA) The local consumer price index (CPI) for May fell 0.73 percent from a year earlier, reflecting lower fuel costs resulting from a plunge in international crude oil prices, government statistics showed Friday. The year-on-year decline in the May CPI came after a 0.82 percent drop in April, marking the fifth consecutive month for local consumer prices to register a fall, the data indicated. The May CPI, however, rose 0.24 percent compared to the previous month, and after seasonal adjustments, local consumer prices for last month also rose 0.06 percent month-on-month, the Directorate General of Budget, Accounting and Statistics (DGBAS) said. In the first five months of this year, the local CPI fell 0.66 percent from a year earlier, the DGBAS added. In May, transportation and communications expenses fell 4.87 percent from a year earlier with fuel costs down 21.39 percent. It was the 6th consecutive month for fuel costs to fall more than 20 percent year-on-year, dragging down the local CPI by 0.80 percentage points in the month, the DGBAS said. Food prices rose 0.87 percent from a year earlier in May with vegetable prices and dining-out costs up 8.69 percent and 2.02 percent, respectively. However, fruit prices fell 11.47 percent year-on-year, offsetting the impact resulting from higher food prices. Due to an increase in vegetable prices, the price of cabbages consumers favor when dining out spiked 35.21 percent year-on-year in May. Cabbage prices for the first five months of this year gained 39.66 percent from a year earlier, the DGBAS said. The government agency said that the higher dining-out costs in May led consumers here to spend an additional NT$125 (US$4.05) for eating out that month, compared with a year earlier. The DGBAs said that the price of a basket of 17 government monitored household necessities that included rice, pork, bread, eggs, sugar, cooking oil, shampoo and toilet paper, fell 0.22 percent year-on-year in May. It was the first time for the 17 household necessities as a whole to register a fall in 30 months, the DGBAS added. Based on the year-on-year fall in the May CPI, households with a monthly expenditure of NT$60,000 in Taiwan spent NT$438 less in the month, compared with the same period of last year. In May, the wholesale price index (WPI) in Taiwan fell 9.45 percent from a year earlier, the steepest drop in 68 months, due to a fall in oil, coal, chemical materials and base metal prices. In the month, the core CPI, which excludes vegetables, fruits and energy gained 0.61 percent from a year earlier. In the first five months of this year, the WPI fell 8.80 percent from a year earlier, while the core CPI rose 0.94 percent from a year ago. (By Chen Cheng-wei and Frances Huang)


Updated : 2021-09-27 15:14 GMT+08:00