May 13, 2008

 

Taiwan's CPI rises 3.1 percent in April on surge of global grain prices

 

 

Taiwan's consumer price index (CPI) rose by 3.86 percent in April due to ballooning grain prices, the Cabinet-level directorate General of Budget, Accounting and Statistics (DGBAS) said.

 

Compared to 2006, the price of wheat in the international market jumped by 130 percent in April while prices of soy and corn soared by 120 percent and 170 percent respectively, a DGBAS official noted.

 

As a result, food prices went up on soaring commodity prices. In April, Taiwan's annual rise of food prices averaged 9.75 percent.

 

In the first quarter of the year, China saw its food prices surge 21 percent and Hong Kong 10 percent.

 

The annual growth of Taiwan's wholesale price index (WPI) stood at 6.18 percent last month, a minor drop from the previous months.

 

The DGBAS official believed that the appreciation of the local currency against the US dollar might help alleviate the continuing hike of import prices.

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