TAIPEI :Taiwan's central bank said on Tuesday it expects economic growth to decline and inflation to rise this year and that it will take appropriate steps in a timely way to respond to economic uncertainty.
It has repeatedly said it will head in a tightening direction this year, following other major economies, and that it sees inflation as a key criteria for rate moves. While Taiwan's export and private investment is expected to continue, consumption will be hit by the island's COVID-19 outbreak, and Russian's invasion of Ukraine and supply chain bottlenecks will push up prices, it added.
Taiwan's April consumer price index rose an on-year 3.38 per cent, above market expectations for a 3.25 per cent increase and rising above the central bank's 2 per cent target for the ninth month in a row, though inflation was still lower than in other major economies like the United States.
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