On October 9th, the Directorate-General of Budget, Accounting and Statistics (DGBAS) in Taiwan released its latest Consumer Price Index (CPI) data for September. The report indicated a month-over-month increase of 0.11%, with a seasonally adjusted rise of 0.38%. Year-on-year, the CPI saw an increase of 1.82%.
In an interview, a spokesperson from DGBAS explained that the month’s CPI increase was primarily influenced by a decrease in fruit supply stemming from the Typhoon that struck in late July, which led to higher prices. Additionally, there was a temporary uptick in personal care service fees, partly due to gift-giving associated with the Mid-Autumn Festival. However, this was somewhat balanced out by declines in vegetable and oil prices, as well as drops in the costs of tour packages and airline tickets, reflecting typical seasonal trends after the summer travel period.
The year-on-year CPI growth of 1.82% for September was significantly driven by rising prices in several food categories, including fruit, cooking oil, and dining out. The spokesperson noted continued increases in rents and registration fees, coupled with higher expenses for electricity, entertainment services, parking, and vehicle maintenance.
In the detailed consumption breakdown, food prices increased by 3% compared to September of the previous year. Notably, fruit prices surged by 17.37%, while cooking oil and dining costs rose by 8.56% and 2.98%, respectively. On the flip side, egg and vegetable prices dropped by 15.49% and 4.21%, respectively, thanks to improved supply conditions and a high comparison base from the previous year, which helped to offset some of the overall price surges.
Looking at the broader picture, from January to September of this year, Taiwan’s average CPI reported a year-on-year increase of 2.26%. Additionally, the report highlighted that the Producer Price Index (PPI) for September fell by 0.8% from the previous month and saw a year-on-year decrease of 0.33%. From January to September, the average PPI rose by 1.47%.
