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Taiwan government keeps close watch on inflation

Hoarding and price gouging will be met with immediate response

The government says it is keeping a close watch on price rises. 

The government says it is keeping a close watch on price rises.  (CNA photo)

TAIPEI (Taiwan News) — If the prices of popular and essential items show irregular increases the government will immediately intervene, the Cabinet said Thursday (Nov. 18).

Amid global inflation fears, the government had already decided to freeze the prices of water, electricity, natural and bottled gas until the end of next March. In addition, a task force at the Executive Yuan in charge of pricing will keep a close watch on developments and recommend immediate action if it detects price gouging and hoarding, Radio Taiwan International (RTI) reported.

If price hikes hit agricultural produce, then the government would release its stocks and promote imports or help farmers increase their production, government spokesman Lo Ping-cheng (羅秉成) said Thursday. The Fair Trade Commission (FTC) and the Ministry of Justice will be mobilized in the case of hoarding or monopolistic situations, he added.

However, at present, there are no plans to adjust taxes or import tariffs, though the Cabinet will constantly adapt its evaluation of changing circumstances, according to Lo.