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Taiwan’s Consumer Price Index (CPI) growth hit a11-month high in January, driven by higher goods and service prices over the Chinese Lunar New Year, the island’s statistics agency said Wednesday.

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The CPI, a main gauge of inflation, rose by 2.25 percent in January from a year ago, the highest growth since March last year, according to the agency. That is compared to the 1.7 percent growth recorded in December.

Food prices climbed by nearly three percent from a year earlier as the Lunar New Year was in January this year. Fruit prices, in particular, surged by 20.35 percent due to a drop in supply caused by bad weather. Electricity and fuel gas prices dropped by 9.65 and 4.43 percent respectively.

The core CPI, which excludes vegetables, fruit and energy, rose by 1.65 percent year-on-year, the agency said.

The January Wholesale Price Index (WPI), a gauge of production costs, increased by 2.72 percent from a year earlier, due to rising prices of imported agricultural and industrial raw material. Enditem

Source: Xinhua/NewsGhana.com.gh

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