Consumer price index down 0.61% year-on-year in March
The consumer price index ( CPI) for March fell 0.61 percent from a year earlier due to a fall in fuel costs resulting from declining international crude oil prices, government statistics showed Wednesday.
On a month-on month basis, local consumer prices fell 0.22 percent in nominal terms but rose 0.55 percent from February after being seasonally adjusted, the Directorate General of Budget, Accounting and Statistics (DGBAS) said.
In the first three months
of the year, Taiwan’s CPI fell 0.59 percent from a year earlier, the DGBAS said.
The negative inflation in March largely resulted from a 26.49 percent fall in fuel costs, the fourth consecutive month in which the price of fuel fell more than 20 percent year on-year, which dragged down the overall index by 1 percentage point, according to the DGBAS
Other factors contributing to the fall in the CPI in March from a year earlier were a 6.30 percent drop in transportation and communications expenses and lower fruit and electronics device prices, the DGBAS figures showed.
In addition to the lower fuel costs, cheaper fruits and a markdown in prices of communications, computers and consumer electronics devices also contributed to the fall in the March CPI, the DGBAS said.
Last month, food prices rose 1.44 percent from a year earlier with prices of meat, eggs, vegetables and fish up 3.96 percent, 3.73 percent, 3.51 percent, and 3.02 percent, respectively.
Fruit prices f or March dropped 9.14 percent from a year earlier, offsetting the impact from higher food prices, the DGBAS said.
Living Costs Fell 0.42%
In the month, living costs fell 0.42 percent from a year earlier largely as a result of a 17.54 percent drop of natural gas prices during the same period.
March was the third consecutive month for Taiwan’s CPI to register a year-on-year fall, and the CPI for the first quarter also fell 0.59 percent year-on-year.