Consumer prices rise 1.37% year-on-year in February

Taipei, Taiwan’s consumer price index (CPI) rose 1.37 percent in February from a year earlier, due mainly to a spike in prices during the Lunar New Year holiday last month, the Directorate General of Budget, Accounting and Statistics (DGBAS) reported Tuesday.

Among the seven categories that make up the CPI, miscellaneous goods and services saw the biggest price increase in February, up 2.84 percent from a year earlier, followed by transportation and communication (2.31 percent), and education and entertainment (1.88 percent), the DGBAS said.

On a month-on-month basis, the CPI rose 0.46 percent but after seasonal adjustments showed a 0.08 percent drop, the data showed.

In the first two months of the year, the CPI averaged 0.59 percent growth from a year earlier, as the Lunar New Year holiday factor was not as dominant, according to the DGBAS.

The core CPI, which excludes the price of fruit, vegetables, and energy, increased 1.63 percent in February from a year earlier, the DGBAS said.

Meanwhile, the wholesale price index fell 0.35 percent from a year earlier in February, largely reflecting a decline in the price of fuel and coal products, the statistics showed.

The import price index dropped 0.61 percent in February from a year earlier in Taiwan dollar terms, but it rose 5.81 percent in U.S. dollar terms, while the export price index declined 2.61 percent in Taiwan dollar terms and increased 3.68 percent in U.S. dollar terms, according to the DGBAS.

The DGBAS also released its producer price index (PPI) for February, which was up 0.84 percent from a month earlier due to an increase in prices of crude oil, coal products, base metals, chemical raw materials and products, and medicines, but it was partly offset by a drop in agricultural product prices.

The PPI compilation is aimed at allowing Taiwan to live up to international economic data reporting standards, the agency said.

 

Source: Focus Taiwan News Channel

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