Taiwan’s CPI in May declines by 0.73 percent
The local consumer price index (CPI) for May fell 0.73 percent from a year earlier, reflecting lower fuel costs resulting from a plunge in international crude oil prices, government statistics showed Friday.
The year- on- year decline in the May CPI came after a 0.82 percent drop in April, marking the fifth consecutive month for local consumer prices to register a fall, the data indicated.
The May CPI, however, rose 0.24 percent compared to the previous month, and after seasonal adjustments, local consumer prices for last month also rose 0.06 percent month- onmonth, the Directorate General of Budget, Accounting and Statistics (DGBAS) said.
In the first five months of this year, the local CPI fell 0.66 per- cent from a year earlier, the DGBAS added.
In May, transportation and communications expenses fell 4.87 percent from a year earlier with fuel costs down 21.39 percent. It was the 6th consecutive month for fuel costs to fall more than 20 percent year- on- year, dragging down the local CPI by 0.80 percentage points in the month, the DGBAS said.
Food Prices See 0.87%
Food prices rose 0.87 percent from a year earlier in May with vegetable prices and dining-out costs up 8.69 percent and 2.02 percent, respectively. However, fruit prices fell 11.47 percent year-on-year, offsetting the impact resulting from higher food prices.
Due to an increase in vegetable prices, the price of cabbages consumers favor when dining out spiked 35.21 percent year- onyear in May. Cabbage prices for the first five months of this year gained 39.66 percent from a year earlier, the DGBAS said.
The government agency said that the higher dining-out costs in May led consumers here to spend an additional NT$ 125 ( US$ 4.05) for eating out that month, compared with a year earlier.
Household Necessities Registers Decline in 30 Months
The DGBAs said that the price of a basket of 17 government monitored household necessities that included rice, pork, bread, eggs, sugar, cooking oil, shampoo and toilet paper, fell 0.22 percent year-on-year in May. It was the first time for the 17 household necessities as a whole to register a fall in 30 months, the DGBAS added.
Based on the year- on- year fall in the May CPI, households with a monthly expenditure of NT$ 60,000 in Taiwan spent NT$438 less in the month, compared with the same period of last year.
In May, the wholesale price index (WPI) in Taiwan fell 9.45 percent from a year earlier, the steepest drop in 68 months, due to a fall in oil, coal, chemical materials and base metal prices. In the month, the core CPI, which excludes vegetables, fruits and energy gained 0.61 percent from a year earlier.
In the first five months of this year, the WPI fell 8.80 percent from a year earlier, while the core CPI rose 0.94 percent from a year ago.