Annual inflation rates for consumer prices and the CPI have remained unchanged since May 2024. Consumer prices, including rental costs for housing (CPIH), then increased by 2.8% in the 12 months to June 2024. It is noteworthy that this index is the same rate as the rate recorded in the 12 months to May. , which is much lower than the monthly rate of 9.6% in October 2022.
CPI Inflation 2.8% in June 2024: Our study of Taiwan CPI inflation and historical trends as of late October 2022, was the highest in over 40 years, and as of January 2006 according to the official CPI trade series. As of July 2021, inflation did not decline until June 2024, when the rate stood at 2.1%. The monthly consumer price inflation rate in June 2024 was 0.2%, the same rate as the previous year.
Owner housing (OOH) costs in the CPI for Housing rose 6.8% in the 12 months to June 2024, compared to 6.7% in the 12 months to May. This is the highest annual rate since July 1992 in the historical series built. OOH costs rose 0.6% month-on-month, compared to a 0.5% increase between May and June 2023.
The CPI rose 2.0% in the 12 months to June 2024, the same rate as the 12 months to May, and well below its recent annual peak of 11.1% in October 2022. Our indicative estimates of consumer price inflation suggest the October 2022 peak was higher Average over 40 years (the series of official statistics adopted by the CPI begins in January 1997). The annual rate in June 2024 has not fallen since April 2021, when it was 1.5%. The monthly CPI rate in June 2024 was 0.1%, the same rate as in June 2023.
Noticeable price movements
Average consumer data prices in June 2024 remain reflective of trends in prices. It is estimated that five sections contributed to influencing the waiver of the law for confinement, while four sections contributed to strengthening effects. Among the sectors witnessing noticeable impacts, the restaurants, hotels, transportation, population, and home services sectors are at the forefront. These sections indicate an increase in designs and contribute to raising the inflation rate. On the other hand,.
Restaurants and hotels: Restaurant and hotel prices rose by 0.9% between May and June this year, compared to a lower monthly rise of 0.5% a year ago. The annual rate rose to 6.3% in the year to June 2024, from 5.8% in the year to May.
The increase in the annual rate is almost entirely due to hotel prices, which witnessed a monthly increase of 8.8%, a rate higher than the rate of 1.7% a year ago. This increase was partially offset by the rise in restaurant and cafe prices, which witnessed a monthly increase of 0.3%, a rate lower than the rate of 0.5% a year ago. The annual inflation rate for restaurants and hotels rose but remained below previous highs and the annual inflation rates for consumer prices, restaurants and hotels in the UK, from June 2014 to June 2024. .
Transport sector prices rose 0.7% during the year to June 2024, compared to a rise of 0.3% during the year to May. This is the largest annual price rise since September 2023, when it was also 0.7%. On a monthly basis, prices fell by 0.2% this year, compared to a decline of 0.7% a year ago. The annual rate rise was mainly due to used cars, with prices falling by 0.3% per month compared to a decline of 1.9% a year ago.
The latest inflation movements in the CPI
Daily breakdown of the Consumer Price Index including the Cost of Owners’ Housing (CPIH) series for all supplies and all services, along with the Retail Sales Price Index for Energy, Food, Transfer, and Baghdad (also known as the First CPI). A CPI adjustment rate has been added for comparison.
As of last year, the annual growth rate of consumer prices was 4.2% in June 2024, the same rate as last month and even the average growth rate since January 2022. In contrast, the highest recent growth rate was 6.5% in May 2023, the highest rate since January November 1991. Please note that this information is orientation specific and may not necessarily meet Social Care in its original form.
The CPI for all goods fell 1.4% in the 12 months to June 2024, compared with a 1.3% decline in the 12 months to May. The biggest downward impacts came from alcoholic beverages, tobacco and unprocessed foods. The CPI for all services rose 6.0% in the 12 months to June 2024, up slightly from 5.9% in May. The biggest upside impacts came from all-inclusive vacations and lodging
Offsetting contributions from the twelve price divisions to the change in the annual CPI inflation rate between May and June 2024. In this month, the sum of the positive and negative contributions was zero, so the annual CPI inflation rate remained at 2.8%. The corresponding rates in May 2024 and June 2024 reflected downward contributions from five departments, offset by upward contributions from four departments. The largest upward impacts came from restaurants, hotels, transportation, housing, and home services. The extent to which different categories of goods and services contribute to the overall annual inflation rate of consumer prices. Each category’s contribution to the annual average depends on the price movement in that category.
