The consumer price index (CPI) last month declined 0.01 percent from a year earlier as cheaper oil prices pushed down transportation costs, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday.
It was the second consecutive month that the inflationary gauge contracted, but the agency dismissed concerns over deflation, saying that most consumption categories reported price gains.
“We do not see signs of deflation, as consumer demand remained stable,” DGBAS Senior Executive Officer Chiou Shwu-chwen (邱淑純) told a news briefing in Taipei.
Photo: CNA
Fuel cost corrections weighed on the inflationary gauge and the COVID-19 pandemic curtailed demand, she added.
Transportation and telecommunication costs shrank 4.29 percent from a year earlier, as international oil prices tumbled 16.96 percent, the report showed.
The CPI after seasonal adjustments fell 0.25 percent, but increased 0.55 percent for the first three months, suggesting stable prices, Chiou said.
The core CPI, which is considered a more reliable long-term track of consumer price movements because it excludes volatile items, gained 0.34 percent last month, she said.
Education and recreation expenses dropped 0.36 percent, as hotels and restaurants cut prices to stimulate sales, she said.
Food costs picked up 1.62 percent, led by a 12.55 percent increase in fruit prices, the report said.
Garment prices gained 1.04 percent as retailers offered smaller discounts for winter clothing this year, compared with last year, it said.
Prices for miscellaneous items also advanced 0.75 percent, elevated by more expensive jewelry and personal accessories, it said.
The wholesale price index (WPI), a measure of production costs, fell 7.32 percent, the steepest pace of decline in 52 months, the report said.
Cheaper fuel costs had a negative effect on export and import prices, with the correction most evident for raw materials, as well as base metal, plastic and chemical products, the report said.
The WPI fell 5.03 percent in the first quarter.
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