TAIPEI: Consumer prices in the Taiwan region rose 2.33 per cent in October from a year earlier, remaining above the island's inflation warning threshold for a sixth consecutive month, official data showed until this week, as higher food, fuel and travel costs continued to put pressure on household budgets.
The island's statistics agency said the consumer price index (CPI) edged up 0.06 per cent from September. Core CPI, which excludes fresh vegetables, fruit and energy, increased 2.23 per cent year on year.
The agency mainly attributed October's inflation to higher prices for food, fuel and travel-related services. Food costs remained a particular burden for consumers, with egg prices climbing 11.45 per cent year on year and edible oil prices rising 5.34 per cent.
Due to factors including international oil prices, transportation costs on the island also increased. Housing-related expenses, including rents and residential management fees, continued to rise.
Meanwhile, inflationary pressures remained pronounced at the production level. Taiwan's producer price index (PPI) jumped nearly one-fifth in October from a year earlier, driven mainly by higher prices for petroleum and coal products, electronic products and chemical materials.
The PPI rose by an average of 11.12 per cent in the first 10 months of the year, pointing to persistent cost pressures on producers that may be passed on further to consumers.
Despite headline figures showing economic growth and rising per capita GDP, economists and commentators have pointed to deep-rooted structural problems in Taiwan's economy, including wage stagnation, soaring housing prices and overreliance on the semiconductor sector.
Traditional industries and small businesses continue to face mounting pressure. Concerns over labour shortages, energy security and demographic decline have also weighed on the island's long-term economic outlook. - Xinhua
