Taiwan July Headline Inflation Inches Down to 2.5 on Falling Energy Prices

Economics Research 6 August 2026 | 7:08PM KST

Taiwan: July Headline Inflation Inches Down to 2.5% on Falling Energy Prices

Bottom line: Irene Choi | Goldman Sachs (Asia) L.L.C., Seoul Taiwan’s headline CPI inflation inched down to 2.5% yoy in July from 2.6% the prior Branch

month. The figure was in line with Bloomberg consensus but slightly higher than our Goohoon Kwon, CFA | forecast. Headline sequential momentum slowed to 0.2% mom sa (seasonally Goldman Sachs (Asia) L.L.C. adjusted by GS) from 0.4% the prior month, on falling energy prices. Core CPI also inched down to 2.4% yoy from 2.5% the prior month, with slowdown in sequential momentum to 0.2% mom sa.

July headline CPI: +2.5% yoy vs. Bloomberg consensus: +2.5 yoy; GS forecast: +2.4% yoy; Previous: +2.6% yoy.

July core CPI: +2.4% yoy; Previous: +2.5% yoy.

1. Taiwan’s headline CPI inflation inched down to 2.5% yoy in July from 2.6% the prior month. The figure was in line with Bloomberg consensus but slightly higher than our forecast of 2.4%. 2. Headline sequential momentum slowed to 0.2% mom sa (seasonally adjusted by GS) from 0.4% the prior month. Prices of goods increased 0.2%, moderating from 0.6% the previous month. Food inflation was almost unchanged from last month at 0.7% mom sa, but prices of other goods dropped 0.1%, recording the first negative momentum since September last year due to a 6.4% decline in prices of fuel products. Prices of semi-durable consumer goods stayed almost flat, while prices of durable consumer goods increased modestly by 0.3%. 3. Prices of services rose 0.2% mom sa, with the momentum almost unchanged from last month. Costs of education and entertainment services increased 0.4%, slowing from 0.6% the prior month. Costs of transportation services stayed almost flat (0.1%), down from 1.2% in June and relatively rapid gains since February. Costs of communication services stayed flat, while costs of miscellaneous services dropped 0.3% on a decline in prices of nursery and nursing care services. 4. Core CPI (excluding fruit, vegetables, and energy) increased 0.2% mom sa, with the momentum also slowing from 0.4% the prior month. Year-on-year core inflation inched down to 2.4% from 2.5% the prior month, but stayed a touch above Bloomberg consensus of 2.3%.

Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to

Exhibit 1: Slight moderation in July Inflation

Percent change, yoy Percent change, yoy 6 6

4 Headline 4 Goods 3 Services 3