Taiwanese Public Very Concerned About Inflation 油價連漲物價持續攀升 引台灣通膨疑慮

Central Bank Governor Yang Chin-long said Taiwan does not currently have an inflation problem despite the fact that the prices of oil and commodities are expeirencing an upward trend. Yang said it's due to temporary energy issue. 

Global oil prices keep rising, and domestic diesel and gas prices have gone up for five straight weeks. With commodities prices also on the rise, everyone is worried about inflation. On the 1st, Central Bank Governor Yang Chin-long told lawmakers that higher commodities prices are only temporary and inflation is not happening in Taiwan.

Yang Chin-long, Governor, Central Bank: "It's primarily (due to) energy. It's primarily (due to) energy. Our inflation rate is very mild."

According to Yang, Taiwan's rising inflation rate is caused by rising oil prices. The price of 95 unleaded gas peaked at NT$30.23 per liter in 2019 before falling to NT$18.53 in 2020 and rising back up to NT$30.13 this year. International outlets are forecasting that the global oil price will fall from US$85 to US$75 per barrel in 2022. Yang says this means Taiwan's inflation rate won't keep going up forever. Yang also discussed the three conditions for raising key interest rates.

Tseng Ming-chung, Legislator (KMT): “The latest forecasts have the US possibly raising interest rates (next) July. Then let me ask you, when will we raise interest rates?”
Yang Chin-long, Governor, Central Bank: “ I think the most important factors are, first of all, how quickly consumer prices are rising and the outlook from the price increase rate. Second, you have to look at what your neighboring countries are doing with their interest rates because major countries raising their rates will affect capital flow. Third, you have to look at how successful our government's bailout and stimulus programs are.”

Agriculture Minister Chen Chi-chung also addressed concerns that produce prices are going up after the Directorate-General of Budget, Accounting and Statistics announced a consumer price index increase of 2.63 percent in September, a nine-year high. 

Chen Chi-chung, Agriculture Minister: “The current wave of inflation may be affecting produce prices. The price of rice is extremely stable. The beginning of winter is our vegetable harvest season, and there are absolutely no problems.”

According to Chen, the Council of Agriculture has been conducting monthly agricultural inventories since last year to make sure the supply of produce remains stable. Chen also said there are no issues with livestock, seafood, or pork production with current wholesale prices at around NT$7,500. In addition, Chen said supplies of chicken and free-range chicken have been stable for the past month.



國際油價居高不下,國內汽柴油價格也已經連5週調漲,再加上全球物價不斷上漲,也讓各界關心國內是否有通貨膨脹的問題,央行總裁楊金龍在立法院財政委員會表示,物價上漲屬暫時性國內目前沒通膨問題 。