Taiwan Inflation July 2022

Taiwan

Taiwan: Inflation drops to lowest level since March in July

August 5, 2022

Consumer prices fell 0.03% from the previous month in July, swinging from June's 0.38% rise. July's result marked the weakest reading since December 2021. The result was largely due to lower prices for food. In addition, price pressures for housing increased at a softer rate.

Inflation came in at 3.4% in July, which was down from June’s 3.6%, marking the lowest inflation rate since March. July’s inflation reading will be welcome news for the Central Bank, and should ensure that rate hikes at the mid-September monetary policy meeting are modest—our panelists currently see rate hikes of either 12.5 or 25 basis points. Meanwhile, the trend pointed up slightly, with annual average inflation coming in at 2.9% in July (June: 2.8%).

FocusEconomics Consensus Forecast panelists see inflation averaging 3.0% in 2022, which is up 0.1 percentage points from last month’s forecast. For 2023, the panel projects inflation to average 1.8%.


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Taiwan Inflation July 2022 0

Note: Month-on-month and year-on-year changes of consumer price index (CPI) in %.
Source: Directorate-General of Budget, Accounting & Statistics (DGBAS).


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