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Taiwan Inflation May 2020

Taiwan: Consumer prices post greatest fall since November 2009 in May

Consumer prices fell 0.10% over the previous month in May, a softer decrease than April’s 0.20% drop. May’s figure marked the softest fall in prices since January. Looking at the details of the release, higher fuel prices drove the softer decrease, while education prices were largely stable in May. However, lower prices for food and clothing tempered the improvement.

Core consumer prices, which exclude prices for energy, fruits and vegetables, decreased 0.15% in May in month-on-month terms, having increased 0.33% in April.

Consumer prices decreased 1.2% year-on-year in May, a steeper drop than April’s 1.0% fall. May’s reading marked the largest fall in consumer prices since November 2009. Meanwhile, annual average inflation fell to 0.3% in May (April: 0.5%), the lowest level in over four years.

FocusEconomics Consensus Forecast panelists expect inflation to average 0.1% in 2020, which is down 0.1 percentage points from last month’s forecast. In 2021, the panel sees inflation averaging 0.9%.

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