Typhoons push up Taiwan's CPI growth in November

Taipei, Dec. 5 (CNA) Taiwan's consumer price index (CPI) increased 2.08 percent from a year earlier in November, mainly due to higher vegetable prices in the wake of several typhoons, the Directorate General of Budget, Accounting and Statistics (DGBAS) said Thursday.

The November CPI growth, which topped the 2 percent alert set by the local central bank, was the highest year-on-year growth in nearly two years, according to the DGBAS.

The core CPI, which excludes fruit, vegetables and energy, rose 1.74 percent from a year earlier, DGBAS data showed.

Agricultural losses caused by the typhoons pushed up vegetable prices, which grew 19.43 percent from a year earlier in November, DGBAS specialist Tsao Chih-hung (曹志弘) explained.

The combined price of fruit and vegetables alone drove up the November CPI by 0.52 percentage points, Tsao said.

In November, dining-out costs rose 3.06 percent from a year earlier, the highest in eight months.

Looking back on recent trends, Tsao said that although the dining-out cost increase in November exceeded 3 percent, it was not a vast jump from the 2.96 percent and 2.98 percent observed during the two preceding months.

Meanwhile, the cost of a basket of 17 government-monitored household necessities, including rice, pork, bread, eggs, sugar, cooking oil, instant noodles, shampoo and toilet paper, dropped 0.2 percent from a year earlier in November, the DGBAS said.

The core CPI in November still fell below the 2 percent alert, indicating that the overall cost of goods was relatively stable in Taiwan, the DGBAS official said.

In November, the price of medical care, education, rent for housing, as well as vehicle parts and maintenance rose 4.46 percent, 2.87 percent, 2.66 percent and 2.58 percent, respectively, DGBAS data showed.

Although the November index for rent was the highest in 28 years, Tsao said its annual growth rate had been above 2 percent since July 2022 and is unlikely to abate due to factors including increasing housing prices and interest rates.

After all, the November figure for rent was not a huge jump from October, when it logged a 2.53 percent increase from a year earlier, he added.