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Taiwan inflation exceeds 3% in January

CPI reaches highest level in 6 months

Inflation exceeds 3% in January for the first time in six months. 

Inflation exceeds 3% in January for the first time in six months.  (CNA photo)

TAIPEI (Taiwan News) — Taiwan’s Consumer Price Index (CPI) reached 3.04% in January, its highest level in six months, reports said Thursday (Feb.9).

Inflation for all of 2022 was 2.95%, the highest annual figure in 14 years, according to data from the Directorate General of Budget, Accounting and Statistics (DGBAS).

After July 2022, the CPI figure stayed below 3%, until the first month of this year, UDN reported. Price increases for vegetables and the fact that the Lunar New Year holiday fell in January this year were the main factors behind the rise, as the Jan. 20-29 vacation period also entailed extra travel expenses and higher taxi fares.

Fruit and communications equipment were the only major products that saw prices fall during January, but eating out, eggs, meat, seafood, transportation, and home appliances all became more expensive.

While the DGBAS had forecast higher inflation for January, it originally said the figure would not exceed 3%, per UDN. The government department also revised the makeup of its CPI predictions, giving more weight to food, clothing, housing, healthcare, and health insurance, and cutting back the importance of transport, communication, education, and entertainment.