Prices in Taiwan for key consumer goods shot up by 7% year-on-year in October. Now business owners are feeling the pinch.
On Tuesday authorities said key consumer goods prices in Taiwan increased by an annual rate of almost 7%, a 14 year high. Business owners are feeling squeezed.
One breakfast shop owner says her ingredients are all getting more expensive.
Government figures show that inflation fell to 2.72% in October. When you exclude fresh produce and energy, prices overall increased by 2.96%. But most troubling is the large increase in prices for 17 key consumer goods. Egg prices have especially been affected.
Another breakfast shop owner says egg prices have more or less doubled, affecting the price of almost all menu items. She thinks there’s little chance that prices will go down.
October saw egg prices rise by 40% year-on-year, the highest jump in almost four years. Bread prices are also up over 8%, while toilet paper and tissue prices have risen by over 7%. All are the largest increases in years.
Government statistician Tsai Hung-kun (蔡鴻坤) says egg prices are rising because costs have skyrocketed. He says increases in feed prices, wages, and other inputs are all forcing farmers to raise prices.
Overall, the cost of eating out, prices of meat, seafood, eggs, rent, and household products are all increasing. But fresh produce and communications equipment are falling in price. Consumers and policymakers are now seeing if declines in global commodity prices will bring relief to households’ pockets.