2018.08.0705:42:00UTC+00Taiwan Inflation Accelerates More Than Forecast

Taiwan's consumer price inflation accelerated at a faster-than-expected pace in July, figures from the Directorate General of Budget, Accounting and Statistics showed Tuesday.

Consumer prices climbed 1.75 percent year-over-year in July, slower than the 1.4 percent rise in June. Economists had expected the inflation to rise to 1.5 percent.

Costs for transportation and communication grew 4.36 percent annually in July and housing costs went up by 0.93 percent.

On a monthly basis, consumer prices increased 0.34 percent in July.

Wholesale prices rose 7.02 percent yearly and by 0.91 percent monthly in July.

Data from the Ministry of Finance showed that Taiwan's foreign trade surplus shrank notably to $2.24 billion in July from $5.4 billion in the corresponding month last year.

Exports climbed 4.7 percent year-over-year in July, slower than economists forecast for an increase of 5.7 percent.

Meanwhile, imports registered a double-digit growth of 20.5 percent, well above the expected level of 8.3 percent.