Taiwan’s annual inflation rate increased to 2.75% in September, slightly higher than August’s increase in prices. That was according to chief statistician Chu Tzer-Ming while speaking at the legislature on Wednesday.
In particular, consumer goods prices rose by almost 6%, an eight year high.
Vegetable and communication equipment prices fell, but their dip was offset by larger increases in the cost of meat, fruit, eggs, rent, household goods, and other essentials. Chu adds that the cost of eating out peaked in the third quarter.
Lawmakers asked Chu when prices for key household goods like food will go down. Chu says average price increases are expected to drop below 2% next year. However, he says a return to previous price levels is unlikely because global commodity prices remain high. The minister adds he can’t predict future changes in price levels.
While experts predict Taiwan will see an inflation rate of over 3% this year, that’s lower than other parts of the world. For example, the United States’ inflation rate has exceeded 8% for most of this year.