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Taiwan inflation drops below 2% for January

Pork, chicken prices rise more than 5%

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Inflation fell below 2% in January, but some food prices are still rising faster than the overall CPI rate. 

Inflation fell below 2% in January, but some food prices are still rising faster than the overall CPI rate.  (CNA photo)

TAIPEI (Taiwan News) — The consumer price index (CPI) fell through the 2% barrier to 1.79% in January, its lowest point in seven months, the government said Tuesday (Feb. 6).

One factor in the change was the timing of the Lunar New Year holidays in January last year, while for 2024, the holidays will take place Feb. 8-14. As a result, the basis of comparison was higher, according to the Directorate General of Budget, Accounting and Statistics (DGBAS).

Core inflation, leaving fruit, vegetables, and energy prices out of consideration, stood at 1.64% for the first month of 2024, per CNA. The strongest contributors to rising prices in January were pork and chicken, registering price hikes of more than 5% each.

The CPI figure for December was 2.70%, while for all of 2023, the inflation rate totaled 2.50%, its second-highest level in 15 years, per UDN. Rising prices were one of the main factors seen as hampering economic performance worldwide during the past year.