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August CPI down 0.45% (update)

August CPI down 0.45% (update)

Taipei, Sept. 8 (CNA) The consumer price index (CPI) for August fell 0.45 percent from a year earlier reflecting a fall in fuel prices, marking the eighth consecutive month in which the local CPI registered a year-on-year decline, government statistics showed Tuesday. On a month-on-month basis, the August CPI rose 0.63 percent, and after seasonal adjustments, the August figure also gained 0.09 percent from July, the Directorate General of Budget, Accounting and Statistics (DGBAS) said. In the first eight months of this year, Taiwan's CPI fell 0.62 percent from a year earlier, according to the DGBAS. In August, fuel prices in Taiwan fell 27.40 percent from a year earlier reflecting the weakness in international crude oil prices, the DGBAS said, adding that it was the ninth consecutive month for domestic fuel prices to fall more than 20 percent. The decline in fuel prices led transportation and communications expenses to shed 6.69 percent year-on-year and dragged down the entire CPI by 1 percentage point in August, the DGBAS said. The agency said that the lower fuel prices helped a household with a monthly expenditure of NT$60,000 (US$1,829) save fuel costs by NT$598. Last month, food prices rose 3.07 percent from a year earlier with prices of vegetables, fruits, frozen food items and meat up 14.07 percent, 4.62 percent, 4.15 percent and 3.38 percent, respectively. Dining-out expenses also grew 1.70 percent from a year earlier, while egg prices fell 7.36 percent. Despite a continued fall in the August CPI, Tsai Yu-tai (???), deputy director of the DGBAS's census department, said that there are no concerns that Taiwan will face any deflationary pressure any time soon as the core CPI, which excludes vegetables, fruits and energy, remained stable. In August, Taiwan's core CPI rose 0.61 percent from a year earlier, and in the first eight months of this year, the figure gained 0.82 percent year-on-year, the DGBAS data showed. The DGBAS said that the wholesale price index (WPI) in August fell 9.23 percent from a year earlier with the import price index down 13.47 percent from a year earlier, the DGBAS said. The import price index in U.S. dollar terms fell 19.33 percent from a year earlier, the steepest decline in 73 months. The agency said that the export price index for August fell 3.98 percent from a year earlier but the index in U.S. dollar terms fell 10.50 percent year-on-year, the steepest fall in 72 months. In the first eight months of this year, Taiwan's WPI fell 9.15 percent from a year earlier. Based on the 0.45 percent year-on-year decline in the local CPI in August, the DGBAS said that a household with a monthly expenditure of NT$60,000 witnessed their total expenses cut by NT$270 in the month from a year earlier. (By Chen Cheng-wei, Fang Pei-ching and Frances Huang)


Updated : 2021-09-26 03:40 GMT+08:00