Taiwan sees highest annual average inflation growth in 14 years

TAIPEI: Taiwan's consumer price index (CPI) rose by 2.95 per cent last year, the largest increase since 2009, according to data released by the island's statistics agency.

The statistics agency said the CPI growth was largely affected by fruit prices, which increased by around 10 per cent due to climate change.

House rent and fuel price variations also influenced the consumer inflation rate, reports Xinhua news agency.

The CPI for December 2022 increased by 0.16 per cent month on month and by 2.71 per cent year on year, the statistics agency said.

It attributed the CPI growth to price changes for vegetables, hotel accommodation, and petrol and diesel products.

Food prices grew by 4.93 per cent year on year in December, faster than other major consumption sectors, with egg prices rising 19.92 per cent and vegetable prices up 11.98 per cent.

The statistics agency predicted that the pressure of imported inflation has not been fully eased, and that the island's CPI growth rate might fall below 2 per cent after the second quarter of the year.