TAIPEI (TVBS News) — This restaurant in Taipei City boasting generous food portions is a favorite among office workers. Yet, the owner told TVBS News that times are tough as the prices of ingredients continue to rise. As the consumer price index in Taiwan continues to surge, restaurant businesses are not only feeling the heat, but customers ordering takeouts or dining in are also feeling the pressure of rising prices. Most food stalls and restaurants today have adjusted their prices in accordance with the inflation and the cost of ingredients.
The pandemic has also made matters worse. A local job bank reported earlier this week that around 45.8% of Taiwanese workers, meaning nearly 4.2 million people, are living paycheck by paycheck, with little money saved at the end of every month. What's worse, experts at the Taiwan Institute of Economic Research (TIER) indicate that the public will not likely see a drop in the current prices of food in the future.
Darson Chiu, a researcher at TIER, revealed that because businesses need to cover the price of raw materials as well as the wages of those they hire, there will unlikely be a reduction in food prices in the near future. "This means that after its price increases, it will probably remain there," he added.
The researcher explained that the prices will likely remain the same until the first quarter of 2023, before another price hike occurs. Still, as wage hikes fall behind the price increase in daily commodities, the situation appears quite bleak for Taiwan's economy.
