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Taiwan Inflation May 2024

Taiwan: Inflation increases in May

Inflation ticked up to 2.2% in May, following April’s 1.9%. Looking at the details of the release, prices for food, transport and housing increased at faster rates in May.

Annual average inflation remained at April’s 2.4% in May.

Finally, consumer prices increased 0.22% in May over the previous month, moderating from the 0.55% increase recorded in April.

On the outlook for prices and interest rates, ING’s Lynn Song said:

“Moving forward, we are expecting inflation to remain above the 2% target for several months, primarily considering the base effect but also taking into account the possibility of some spillover effect from the electricity price hike to other categories of inflation starting to take effect. […] the overall inflationary pressure is not expected to be significant enough to cause the CBC to implement another rate hike in the next several months, especially with global central banks starting rate cuts this month.”

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