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Taiwan’s Central Bank updates inflation forecasts for 2024

Reporter Isabel Wang
Release time:2024/04/26 13:24
Last update time:2024/04/26 13:24
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TAIPEI (TVBS News) — The Directorate General of Budget, Accounting and Statistics announced in early April that the Consumer Price Index (CPI) for March rose by 2.14%, indicating a continued slowdown in inflation. The core CPI, which excludes fruits, vegetables, and energy, increased by 2.13% annually.

Starting in April, electricity prices rose by an average of 11%, prompting increases in household expenses. Taiwan’s Central Bank has revised its 2024 CPI forecast up to an annual growth rate of 2.16%, surpassing the inflation warning line.

 

Yeh Chun-hsien, manager of a fried and grilled food shop, said, "Since last year, around April or May, the cost of chicken has been consistently high. A piece of chicken alone costs around NT$40 to NT$45."

"In addition to seasoning, there are also basic personnel expenses, fluctuating oil prices, and ongoing fluctuations in electricity costs. We had no choice but to adjust prices," Yeh noted.

Several economic experts have suggested that a 2% inflation rate could become the new norm, largely due to rising energy costs, wage levels, increasing property prices, and green inflation.
 

"Some food stalls have to bear personnel costs and rent since price rigidity exists,” said Darson Chiu, a researcher at the Taiwan Institute of Economic Research. "Hence, though there is a price drop in raw materials in the future, it is unlikely that they will cut prices. This is price rigidity."

A Cathay Financial Holdings report released on Monday showed that 46% of the public expects the economic growth rate to exceed 3% in 2024, while 69% expect inflation to remain above 2%.

As the new government prepares to take office on May 20, addressing the rising living costs has become a critical issue.
 

The Taiwan Briefing

#Taiwan#inflation#CPI#electricity prices#economic growth#cost of living#Cathay Financial#green inflation#property prices#wage levels

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