CPI up 0.77% in July (update)

2017/08/08 22:14:37 fontsize-small fontsize-default fontsize-big
CNA file photo

CNA file photo

Taipei, Aug. 8 (CNA) The consumer price index (CPI) for July rose 0.77 percent from a year earlier on the back of higher food prices, in particular vegetables, according to data released Tuesday by the Directorate General of Budget, Accounting and Statistics (DGBAS).

On a month-on-month basis, the CPI rose 0.01 percent in July, while after seasonal adjustments, the index was also 0.21 percent higher than a month earlier, the DGBAS data shows.

The July year-on-year CPI increase moderated from a 0.99 percent rise seen in June, the statistics show.

In July, food prices rose 1.23 percent from a year earlier, as prices of vegetables soared 7.09 percent year-on-year due to a tight supply in reflection of high temperatures and hits by two typhoons -- Nesat and Haitang -- late in the month, according to a monthly CPI report released by the DGBAS.

Prices of fishery items, dairy products and meat rose 5.02 percent, 2.90 percent and 2.00 percent, respectively, from a year earlier, while prices of eggs and fruit fell 13.44 percent and 10.90 percent, respectively, limiting the upturn in the food sector as a whole, the report said.

According to the DGBAS, a fall in communications fees and a price markdown in 3C products also offset the increase in food prices.

After excluding fruit, vegetables and energy, the core CPI for July rose 0.92 percent from a year earlier, the government agency said.

The cost of a basket of 17 government-monitored household necessities, including rice, pork, bread, eggs, sugar, cooking oil, shampoo and toilet paper, rose 1.55 percent from a year earlier in July, down from the 1.97 percent year-on-year rise in June, according to the DGBAS.

Mei Chia-yuan (梅家瑗), deputy director of the DGBAS statistics department, said that the statistics show that inflation remained in check.

Based on the latest rise in the July CPI, a household with a monthly spend of NT$60,000 (US$1,987) spent an additional NT$125 in vegetable purchases and an extra NT$121 on dining out compared with a year earlier, while spending on fruit and eggs was cut by about NT$200, the DGBAS said.

In July, the wholesale price index (WPI) fell 0.73 percent from a year earlier, moderating from a decline of 1.77 percent seen in June, on the back of a stronger Taiwan dollar and a recovery in international crude oil prices, Mei said.

The WPI recorded a year-on-year drop for the third consecutive month in July, the DGBAS data shows.

On a month-on-month basis, the July WPI rose 0.44 percent, while after seasonal adjustments, the WPI also grew 0.56 percent from a year earlier, the DGBAS report indicated.

The DGBAS said that the July import price index in Taiwan dollar terms fell 1.28 percent from a year earlier, while the export price index fell 2.19 percent year-on-year.

In the first seven months of this year, the CPI rose 0.69 percent from a year earlier, with the core CPI up 0.97 percent and the WPI up 0.59 percent year-on-year.

(By Chen Cheng-wei and Frances Huang)

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