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Taiwan's misery index to surpass 6% in 2022: Budget chief

Budget chief, Central Bank Governor expect economic growth rate to stay above 4%

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Annual increase rate of consumer price index exceeded 3% last month. 

Annual increase rate of consumer price index exceeded 3% last month.  (CNA photo)

TAIPEI (Taiwan News) — As commodity prices continue to rise, Taiwan expects its misery index to exceed 6% this year.

Chu Tzer-ming (朱澤民), head of the Directorate General of Budget, Accounting, and Statistics (DGBAS), pointed out during an interpellation session on Wednesday (April 13) that the number is calculated by adding the inflation and unemployment rates. The average inflation rate for 2022 is around 2.48%, and the average unemployment rate is 3.6%.

Last month, the annual increase rate of Taiwan’s consumer price index (CPI) exceeded 3%, breaking a nearly 10-year record. However, Central Bank Governor Yang Chin-long (楊金龍) said he expects Taiwan to maintain a growth rate of at least 4% despite uncertainties posed by the war in Ukraine and the rising inflation rate, CNA reported.

In response to Legislator Kuo Kuo-wen’s (郭國文) request that the government factor the economic stress of citizens into its budget, Chu said he has promised to work with the Ministry of Education and the Council of Agriculture to increase subsidies for student lunches. Chu added that while Taiwan’s economic growth will be affected by international affairs, he expects it to surpass 4% this year.