Taiwan Inflation Rises Unexpectedly To 2.93%, Highest In 8 Months

(RTTNews) - Taiwan consumer price inflation increased further in September to the highest level in eight months, largely due to higher food costs, data released by the Directorate General of Budget, Accounting, and Statistics showed on Thursday.

The consumer price index, or CPI, rose 2.93 percent year-on-year in September, faster than the 1.88 percent rise in July. Economists had forecast inflation to ease to 2.1 percent.

Food prices alone grew 4.78 percent annually in September, versus a 1.28 percent gain in the previous month.

Prices for clothing were 1.15 percent higher compared to last year, and those for transportation and communication increased by 2.32 percent.

On a monthly basis, consumer prices increased a seasonally adjusted 0.34 percent in September versus a 0.19 percent rise in August.

Data also showed that producer prices fell nominally by 0.01 percent annually in September after a 0.1 percent drop a month ago.