June CPI Rise Hits 1.5-Year High; Yang Chin-long: Full Year Should Be Below 2%

(CNA) - The Directorate-General of Budget, Accounting and Statistics (DGBAS) today announced that the Consumer Price Index (CPI) in June rose by 2.6% year-on-year, the largest increase in 17 months. Central Bank Governor Yang Chin-long stated that the DGBAS statistics are largely in line with the central bank's expectations and have not deviated significantly. He anticipates that the full-year CPI should remain below 2%. Regarding imported inflation pressure, he commented, "If oil prices come down, it should ease considerably."

DGBAS statistics show that the CPI in June increased by 2.6% year-on-year, and the core CPI, excluding fresh food and energy, rose by 2.45% year-on-year. Both figures represent an expansion from May's increases.

Speaking to reporters after attending a retirement farewell for central bank staff today, Yang Chin-long noted that the DGBAS figures are similar to the central bank's forecasts released after the second quarter's board meeting. The central bank makes quarterly forecasts, and overall, there isn't a significant discrepancy.

According to the central bank's projections, the full-year CPI is estimated at 1.91%, and the core CPI at 1.9%. Looking at quarterly forecasts, the year-on-year CPI increase for the first quarter was 1.23%, with projected figures for the second, third, and fourth quarters at 2.1%, 2.22%, and 2.1% respectively.

Yang Chin-long also pointed out that international oil prices have already fallen significantly to over $70 per barrel. He expects the full-year CPI to be maintained below the 2% level, but the central bank will continue to closely monitor price changes. (Editor: Lin Chia-han) 1150707

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