One of the government’s top statisticians says the conflict in Israel could result in higher oil prices. Head of the Directorate-General of Budget, Accounting and Statistics Chu Tzer-Ming (朱澤民) made the comments while answering questions in the legislature on Wednesday.
Chu says that the conflict in Israel is not likely to impact overall commodity prices in the same way as the Ukrainian-Russian war has. This is because Russia is an oil exporter and Ukraine is a major exporter of commodities, such as grain. By contrast, Israel does not export large amounts of either oil or commodities.
Despite that, Chu says that the impact on international oil prices will depend on how many countries get involved in the conflict and how long it lasts. Chu says he personally believes that the conflict could result in higher oil prices.
Regarding inflation in Taiwan, Chu says that despite the high Consumer Price Index (CPI) rises in September, official figures indicate that the CPI growth will stay at about 1.5% through 2024.