TAIPEI (Taiwan News) — Taiwan's inflation level of 2.95% for 2022 was the highest in 14 years, the government said Friday (Jan. 6).

Vegetables and oil products became more expensive in December following price declines. This drive the Consumer Price Index (CPI) back up by 2.71% compared to the same month in 2021, according to the Directorate General of Budget, Accounting and Statistics (DGBAS).

Food in general, including meat, vegetables, seafood, eggs, and the cost of eating out all rose in December. The same was true for rent, household products, entertainment services, and oil products, the government said.

Officials cautioned that inflation might continue to rise in January because the Lunar New Year holiday fell in that month, though it was unlikely to reach 3%, the Liberty Times reported.

The CPI figure for 2022 was only slightly higher than the 2.94% prediction made by the DGBAS in late November. For 2023, the government body saw inflation slowing down to 1.86%.