The consumer price index (CPI) last month rose 1.31 percent from a year earlier on the back of tobacco and fuel price hikes, even though food costs declined, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday.
The headline CPI reading eased compared with a revised 1.64 percent increase in May, allowing the central bank to remain comfortable maintaining a loose monetary policy.
“Heavy rainfall in southern Taiwan appeared to have a limited impact as evidenced by stable consumer prices,” DGBAS Senior Executive Officer Jasmine Mei (梅家瑗) told a media briefing.
Mei attributed the benign CPI advance mainly to significant cigarette and fuel price increases, but added that cigarette price hikes caused by heavier tax burdens might fade in October.
The inflationary gauge after seasonal adjustments edged up 0.28 percent, the report showed.
Core CPI, a more reliable tracker of long-term consumer prices because it excludes volatile items, gained 1.3 percent year-on-year, the report said.
Of the seven major consumption categories, miscellaneous items posted the steepest increase of 6.9 percent year-on-year, as some employers distributed holiday allowances for the Dragon Boat Festival, the report said.
Transportation and communication costs rose 2.77 percent, propelled by a 22.79 percent increase in fuel prices, even though telecoms offered discounts, it said.
Food costs, which comprise a quarter of the index, declined 0.12 percent annually, as stable and abundant supply drove down vegetable and fruit prices, and rainstorms did not reverse the trend, it said.
For the first six months of the year, the CPI climbed an average of 1.6 percent year-on-year, higher than the 1.49 percent increase the agency projected in May for the whole of this year.
The wholesale price index (WPI), a measure of commercial costs, accelerated 6.65 percent from 5.61 percent in May, as imported items advanced at a faster pace than exported items, the DGBAS said.
A stronger US dollar coupled with higher oil prices pushed import costs up 9.98 percent, it said, adding that the greenback gained 0.57 percent against the New Taiwan dollar.
The WPI grew 2.37 percent on average in the first six months from the same period last year, the report said.
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