Taiwan’s July CPI rises 2.5% on typhoon-led higher food prices
Taiwan’s Consumer Price Index (CPI) rose 2.52% in July, driven by a 4.57% increase in food prices, largely due to Typhoon Gaemi’s impact on fruit and vegetable supplies. The Ministry of Agriculture reported agricultural damage totaling NT$2.25 billion (US$69 million). Vegetable prices hit an eight-year high, up 8.58%, while edible oil prices increased by 4.99%. Core CPI, excluding food and energy, rose 1.84%, with rents up 2.51%.
TAIPEI (Taiwan News) — The government’s accounting office announced on Tuesday (Aug. 6) that the Consumer Price Index (CPI) rose 2.52% in July.
The increase was attributed to high food prices, which increased by 4.57% as the supply of fruits and vegetables decreased due to the impact of Typhoon Gaemi in late July. Directorate General of Budget Accounting and Statistics (DGBAS) specialist Tsao Chih-hung (曹志弘) said the typhoon caused extensive agricultural damage that may last several months.
According to the Ministry of Agriculture (MOA), the damage to agricultural products reached NT$2.25 billion (US$69 million). In speaking to reporters, Tsao said that restoring vegetable production will take a minimum of at least four weeks, with fruits potentially taking months to recover, per CNA.
In July, the MOA’s Agriculture and Food Agency said vegetable prices hit an eight-year high, increasing 8.58%. It added that the cost of edible oil also increased by 4.99%, and the cost of eating out increased by 2.77%.
Tsao said the damage from previous typhoons last year was not as severe as Typhoon Gaemi. After deducting fruits, vegetables, and energy costs, core CPI increased by 1.84% year-on-year, which was in line with previous months.
According to Tsao, rents increased by 2.51% in July, less than June’s increases. However, all indicators lead him to believe that rents will continue to rise slowly throughout the year.
Source Link : https://www.taiwannews.com.tw/news/5915310
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