The consumer price index (CPI) last month climbed to a 21-month peak of 1.85 percent, as recreation, food and miscellaneous item costs increased over the Lunar New Year holiday, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday.
The inflation gauge after seasonal adjustments increased a fractional 0.11 percent, suggesting stable consumer prices, the agency said.
“It is common for goods and services to become more expensive, in keeping with tradition over the Lunar New Year holiday,” DGBAS Senior Executive Officer Chiou Shwu-chwen (邱淑純) told a media briefing in Taipei.
Photo: CNA
The pickup was most evident for prices of miscellaneous items, which rose 3.3 percent year-on-year, as consumers paid extra for babysitters and hair stylists, Chiou said, adding that stronger demand for jewelry also pushed up prices.
Education and recreation expenses increased 2.99 percent as travel agencies and hotels raised group tour charges and room rates, the monthly report showed.
Food costs advanced 2.57 percent, mainly due to a 14.91 percent increase in fruit prices and a 13.01 percent increase in vegetable prices, it showed.
Healthcare and medical expenses rose 0.96 percent on the back of increased registration and copayment fees. Transportation and communication costs rose 0.31 percent, as oil prices grew 6.68 percent, muting a 6.55 percent decline in telecommunications charges, it said.
Core CPI, a more reliable inflation tracker as it excludes volatile items, increased 1.33 percent, lending support to the outlook for stable prices, Chiou said.
Chiou dismissed concerns about potential deflation as people avoid going out due to fears about the 2019 novel coronavirus outbreak in China.
The SARS outbreak in 2003 significantly cooled consumer activity, but authorities are better prepared to restrict any outbreak as evidenced by the small number of confirmed local cases, Chiou said.
The wholesale price index, a measure of production costs, stayed in negative territory by posting a 3.11 percent decline, a report showed.
Prices of base metals, plastics and chemical products remained cheaper than a year earlier, while prices of mineral products staged a rebound, it showed.
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