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Dear Readers,

Welcome to the Monthly Analysis Report on eRepublik Economic Indicators, published by the eTaiwan Directorate-General of Budget, Accounting and Statistics (DGBAS). This report comprehensively collects and analyzes key economic data across the entire eRepublik, aiming to provide the public with a window to understand the current economic landscape.

The core content of the report includes monthly changes in major indicators such as the Consumer Price Index (CPI), Core CPI, currency exchange rates, employment income levels and more. Not only are the specific figures presented, but analyses are also provided on the reasons behind the changes and trend projections.

We will continue to bring you the latest edition of the report every month. Your feedback on any potential oversights is welcome, as we strive to improve the quality of our analyses together.

It is our hope that this report will deepen your understanding of the eRepublik economy. Enjoy your read!

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Highlights

1. The Consumer Price Index (CPI) in March decreased by 1.11% compared to the previous month, mainly due to significant declines in the prices of weapons and moving tickets. However, the core CPI increased by 1.25%, reflecting a rise in prices of daily necessities.

2. In March, food prices rose by 1.11%, housing prices rose by 2.91%, and aircraft weapons prices rose by 2.17%; while prices of weapons and moving tickets respectively dropped by 3.4% and 15.09%.

3. The exchange rates for gold and tokens remained largely stable during the month, but the EUR/TWD exchange rate slightly increased by 0.74%.

4. The average salary in March increased by 4.37% and the real salary increased by 5.54%, mainly driven by rising housing demand due to the upcoming spring events.

Since this is the first eRepublik economic indicator press release of DGBAS, we will include the full text (not including appendices) of the press release in the article. Only "Summary of Changes" will be released in the future, and the detailed full text with better typesetting can be read on Google Drive:

https://drive.google.com/drive/folders/1PJcC-SaTMRy1O8b1qHpo4V_p_tI9wKjD?usp=sharing

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Contact: Ena Mizukami
As this publication is being issued for the first time, explanations are adjusted to the front for clarity. In the future, these explanations will be moved to the back for ease of reference.

Item Classification
Items are categorized into 5 major categories: food, weapons, moving tickets, houses, and aircraft weapons. Each category is further divided into 7 sub-items (Quality for food and weapons) and 5 sub-items (Quality for moving tickets, houses, and aircraft weapons), totaling 29 items.

Price Calculation
Consumer Price Index (CPI): CPI calculation adopts the Fisher price index, which is the geometric mean of the Laspeyres price index and the Paasche price index. The total amount standard is the total quantity of items among the 30 lowest global prices. The average is the weighted average price of items among the 30 lowest global prices.

Core CPI: The core CPI uses the geometric mean of the CPI for Q1 to Q7 food, Q7 weapons, and Q1 houses.This core CPI is only calculated on a trial basis and will be adjusted in the next press.(UPDATED)

The current CPI has not yet considered weights (ie, the frequency of item purchases), and weights will be introduced starting from the next press. (UPDATED)

Exchange Rate
Gold: The gold exchange rate for the lowest 10 rates in Monetary market at 6 a.m. Pacific Time (UTC-7) each day.

Token: The token exchange rate for the lowest 50 Game Token market prices at 6 a.m. each day.

Euro: The euro exchange rate at 6 a.m. PT each day from RTER (rter.info).".

Salary Calculation
Regular Salary: The average value of the gross price of the top 30 salaries in the market at 6 a.m. each day.

Real Salary: Real salary considers the influence of prices, calculated as
“daily regular salary / daily CPI * 100”.

CPI Based on March 1, 2024
Starting from March 2024 (data period), the price index is calculated using the aforementioned price items, with March 1, 2024, as the base period (i.e., the average index on that day is set to 100).

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1. CPI decreased by 1.11% in March (compared to the previous month, MoM).

2. Core CPI increased by 1.25% in March (MoM).

3. The exchange rate for Euro : Gold : Currency in March was 1 Euro : 141.75 Gold : 141,813 cc.

4. Regular Salary and Real Salary increased by 4.37% and 5.54% in March (MoM).

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1. The CPI for March decreased by 1.11%. This was primarily due to significant decreases in the prices of weapons and moving tickets, offsetting the increases in other products, as it was a non-event month.

Changes in the 5 major categories:

Foods increased by 1.11%. This increase was mainly due to rising food raw material costs caused by VIP shops.

Weapons decreased by 3.40%. This decrease was primarily due to declining demand for ground battles.

Moving Tickets decreased by 15.09%. This was mainly due to reduced demand for tickets other than Q5 moving tickets.

Houses increased by 2.91%. This increase was attributed to expectations of spring activities leading to housing hoarding.

Aircraft Weapons increased by 2.17%. This increase was mainly due to the gradual increase in demand for aircraft combat.



Among the 29 sub-items, 14 items experienced price increases while 15 items saw decreases. The sub-items with significant changes are as follows:

Items with Price Increases:
Q4 Aircraft Weapons increased by 7.59%, Q5 Houses increased by 6.61%, Q4 Houses increased by 4.64%, and Q3 Houses increased by 4.49%.

Items with Price Decreases:
Q1 Weapons decreased by 9.95%, Q2 Weapons decreased by 10.35%, Q1 Moving Tickets decreased by 13.48%, Q3 Moving Tickets decreased by 16.99%, and Q2 Moving Tickets decreased by 23.95%.



Observing by the characters of items, prices of ground battles items demand are declining, especially Q7 Weapons (decreased by 2.25% ); prices of aircraft combat items demand are increasing, particularly Q4 Aircraft Weapons (increased by 7.59% ) and Q3 Aircraft Weapons (increased by 4.05% ).

Observing by purchasing frequency, daily core consumable items increased by 1.25%, mainly due to increases in house and food prices.

2. Comparison of Weekly Conditions in March 2024:

According to the changes in prices for each week in March 2024, the CPI and core CPI for the 1st and 2nd weeks showed a decline compared to their previous week. However, in the 3rd and 4th weeks, both of them showed an increase. Due to the rise in prices of foods, houses, and aircraft weapons.



Foods: The CPI for food showed a decline in the first two weeks, influenced by adjustments in prices at VIP shops, while food prices rose in the latter two weeks.



Weapons: The CPI for weapons showed a continuous decline over four weeks. However, in reality, weapon raw materials prices continued to rise. Prices for Q7 weapons, commonly used in ground battles, also declined weekly, albeit showing a slight increase of 0.38% in the fourth week due to the Spring Challenge.



Moving Tickets: The CPI for moving tickets showed a continuous decline over four weeks, with Q5 moving tickets showing growth in the first three weeks but declining by 2.98% in the 4th week. This indicates a decreasing demand for Q5 moving tickets.



Houses: The CPI for houses showed continuous growth over four weeks, as mentioned above, due to the anticipation of spring challenges in housing tasks.



Aircraft Weapons: The CPI for aircraft weapons showed growth in all weeks except the second week, influenced by an increase in demand for aircraft weapons and rising aircraft material prices.

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The trends in gold prices and Token were generally similar this month, with no significant fluctuations observed. Both were affected by price declines due to the Power-Spin event in the end of the month.

Gold Price

The average exchange rate for March 2024 was 1 gold : 1000.421 cc, a slight increase of 0.04% compared to the average in February 2024, with no major fluctuations. The end-of-month exchange rate for March 2024 was 1 gold : 999.995 cc, a decrease of 0.13% compared to the beginning of the month, attributed to increased gold selling during Power-Spin event.



Token

The average exchange rate for March 2024 was 1 Token: 14,181.345 cc, a decrease of 0.19% compared to the average in February 2024, with no significant fluctuations. The end-of-month exchange rate for March 2024 was 1 Token: 14,208.239 cc, a decrease of 1.45% compared to the beginning of March, primarily related to Token selling during Power-Spin event.



Euro (Real Situation)

The average exchange rate for March 2024 was 1 Euro: 34.469 TWD, an increase of 0.66% compared to the average in February 2024. The end-of-month exchange rate for March 2024 was 1 Euro: 34.244 TWD, an increase of 0.74% compared to the beginning of March 2024. This was mainly due to the European Central Bank's slower-than-expected rate cut, resulting in a slight appreciation of the Euro. Additionally, the announcement of a half-point interest rate hike by the Central Bank of Taiwan on the 24th of this month caused the TWD/EUR exchange rate to temporarily rise in late March 2024, but the overall trend was still influenced by the appreciation of the Euro.

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The average regular salary for March 2024 was 5,892.43 cc, an increase of 4.37% compared to the average of February 2024. The end-of-month regular salary for March was 6,312.77 cc, an increase of 11.82% compared to the beginning of March 2024. The main reason for this increase was the spring challenge pre-purchase housing rush, leading to an overall increase in salaries.

The average real salary for March 2024 was 5,958.38 cc, an increase of 5.54% compared to the average of February 2024. The end-of-month real salary for March 2024 was 6,446.83 cc, an increase of 14.19% compared to the beginning of the March 2024. In addition to the spring challenge pre-purchase rush, the decrease in CPI also influenced changes in salary levels.

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1. This publication will be released regularly on the 5th of every month.

2. The English/Chinese Version of the summary of mainly index changes for March 2024 is scheduled to be released on April 4, 2024 (Day 5,980).

3. Future publications will only include a “Summary of Changes” and charts. For detailed content, please refer to the complete version in the Google Cloud document.

4. For the Appendices of all detail data. Please go to Google Drive to view the full text of the press release.

Table 1. Consumer Price Index Change Analysis (March 2024)
Table 2. Reference for Base Period Prices
Table 3. Daily Exchange Rate Change (March 2024)
Table 4. Daily Salary Change (March 2024)
Table 5. Daily Consumer Price Index Change (March 2024)