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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. In addition, starting from this month, weights will be introduced into CPI calculations to more accurately reflect price changes.

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!

If you would like to read a PDF version of the full report, please click here to Google Drive Document.

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Editor：Ena Mizukami


(1) CPI increased by 1.74% in April (compared to the previous month, MoM).
(2) Core CPI increased by 1.91% in April (MoM).
(3) The exchange rate for Euro: Gold : Currency in April was 1 Euro: 142.59 Gold : 142,593 cc.
(4) Regular Salary and Real Salary increased by 0.33% and decreased by 5.54% in April (MoM).

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(1) The CPI for April increased by 1.11%. The main drivers behind this increase were the upward trends in food and aircraft weapons, which offset declines observed in the other three categories.

A. Changes in the 5 major categories:

i. Foods increased by 3.82%. primarily due to continued rises in food raw materials driven by VIP Shop.

ii. Weapons decreased by 6.47%. Mainly attributed to a gradual decline in ground battles demand. Particularly, this month's Day 6,000 event determined rankings based on energy rather than only damages, making ground damages less essential in the event.

iii. Moving Tickets decreased by 3.59%. Mainly due to a decline in moving tickets demand returning to normal levels.

iv. Houses decreased by 5.08%. Because the market believed there would be no Spring Break event this year, resulting in more houses being released. However, after the announcement of the event in the last two days of the month, housing prices began to rise.

v. Aircraft Weapons increased by 6.01%. Primarily driven by a gradual increase in demand for air combats.



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

i. Items with Price Increases: Q3 Aircraft Weapons increased by 26.44%, Q2 Aircraft Weapons increased by 9.42%, Q4 Houses increased by 6.41%, and Q7 Foods increased by 5.07%.

ii. Items with Price Decreases: Q1 Weapons decreased by 37.98%, Q2 Weapons decreased by 27.94%, Q4 Weapons decreased by 16.79%, and Q5 Weapons decreased by 11.25.

iii. Observing by the characters of items, prices of ground battles demand items experienced significant declines, particularly Q1-Q5 weapons. Conversely, prices of air combats demand items showed increases, especially Q3 aircraft weapons (up by 26.44% ) and Q2 aircraft weapons (up by 9.42% ).

iv. Observing by purchase frequency, prices of everyday core consumer goods (Core CPI) increased by 1.91%, mainly due to rising prices of food and aircraft weapons.



(2) Comparison of Weekly Conditions in April 2024: In terms of price changes in each week, the CPI showed increases in all weeks except for the second week. However, the Core CPI only experienced a decrease in the first week. The higher CPI and Core CPI in the last week can be attributed to the emergence of the Spring Break, which boosted prices of items.



A. Foods: The CPI for food continued its upward trend, with almost all weeks showing price increases except for the first three weeks of Q2 food, which saw consecutive declines. This rise can be attributed to further increases in food raw material prices.



B. Weapons: Due to a significant decrease in demand for weapons, the CPI for weapons declined every week. Prices for Q7 weapons, which are highly sought after, also decreased weekly, except for the fourth week where they rose by 6.90% due to event-related factors.



C. Moving Tickets: The CPI for moving tickets showed an uptrend in the second and third weeks. However, the most commonly used Q4 and Q5 tickets plummeted by 22.84% and 23.22%, respectively, due to the previous month's expectation of the Spring Break, causing a psychological impact and resulting in a fall to normal levels.



D. Houses: The CPI for houses declined in the first three weeks. This was due to the delayed arrival of the Spring Challenge, causing players to release houses. However, housing prices rebounded in the last week with the appearance of the Spring Break.



E. Aircraft Weapons: The CPI for aircraft weapons surged in the first week due to excess demand, but returned to normal levels in the second week.

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The trend of Gold prices and Game Token rates followed a similar pattern this month. Influenced by a reduction in the release of gold in late April, the Token exchange rate appreciated accordingly. This upward trend continued until the end of the month, when it began to depreciate following the start of roulette and Spring Challenge activities.

(1) Gold Price: The average exchange rate for April 2024 was 1 gold : 1003.063 cc, a slight increase of 0.26% compared to the average last month, with no major fluctuations. The end-of-month exchange rate for April 2024 was 1 gold : 999.2085 cc, a decrease of 0.17% compared to the beginning of the month. The reason for this was the increase in gold sales during the end-of-month Power Spin event. Gold prices surged in the latter part of this month, reaching a peak of 1,007.5 cc on the 27th. This rise was attributed to a decrease in gold supply in the market.



(2) Game Token: The average exchange rate for Token in April was 1 Token : 14,259.286cc, representing a modest increase of 0.56% compared to the average in March, with no significant fluctuations. The end-of-month exchange rate for Token in April stood at 1 Token : 14,265.199cc, marking a similar increase of 0.55% compared to the beginning of April, also without significant fluctuations. In the latter part of April, Token followed a rising trend similar to gold, reaching 14,784.354cc on the 25th.



(3) Euro (IRL Situation): The average exchange rate for the Euro in April was 1 EUR : 34.705 TWD, representing a 0.66% increase compared to the average in March. The end-of-month exchange rate for the Euro in April stood at 1 EUR : 34.915 TWD, marking a 1.31% increase compared to the beginning of April. This was mainly due to better-than-expected GDP growth in the Eurozone in the 2024 Q1, but persistent stubbornness in inflation data dampened investor confidence in the ECB's interest rate cut in June. Additionally, negative factors in the Taiwanese stock and exchange markets in April, influenced by the delayed interest rate cut by the FED, disappointing earnings guidance from TSMC, and concerns about escalating tensions in the Middle East, caused a significant depreciation of the New Taiwan Dollar this month, leading to a trend of higher exchange rates against the Euro.

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(1) The average Regular Salary for April 2024 was 5,920.63 cc, an increase of 0.33% compared to the average of March 2024. The end-of-month Regular Salary for April was 6,907.87 cc, an increase of 16.67% compared to the beginning of April 2024. The primary reason for this was the initial market expectation of no Spring Break event this year, which led to wages declining back to normal levels. However, the announcement on the 29th of tasks involving houses and employees in the Spring Break significantly boosted wages at the end of the month.

(2) The average Real Salary for April 2024 was 5,767.85 cc, a decrease of 1.36% compared to the average of March 2024. The end-of-month Real Salary for April 2024 was 6,605.62 cc, an increase of 14.52% compared to the beginning of the April 2024. The primary reason remains the same as mentioned above. However, the rise in CPI also contributed to the decline in Real Salary.

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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 May 11, 2024 (Day 6,016).
(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.

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(1) 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.

(2) Price Calculation:
A. 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.
B. Core CPI: The Core CPI excludes items with high variability and low frequency of use. It currently utilizes the geometric average of the CPI for Q1 to Q7 food, Q7 weapons, Q5 moving tickets, Q1 to Q2 houses, and CPI for aircraft weapons in Q1 and Q5.
C. The current CPI weights (i.e., the frequency of item purchases) can be referenced in Table 6.

(3) Exchange Rate:
A. Gold : The gold exchange rate for the lowest 10 rates in Monetary market at 6 a.m. Pacific Time (UTC-7) each day.
B. Token: The token exchange rate for the lowest 50 Game Token market prices at 6 a.m. each day.
C. Euro: The euro exchange rate at 6 a.m. PT each day from RTER (rter.info).".

(4) Salary Calculation:
A. Regular Salary: The average value of the gross price of the top 30 salaries in the market at 6 a.m. each day.
B. Real Salary: Real salary considers the influence of prices, calculated as
“daily regular salary / daily CPI * 100”.

(5) 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.

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VII. 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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Table 1. Consumer Price Index Change Analysis (April 2024)
Table 2. Reference for Base Period Prices
Table 3. Daily Exchange Rate Change (April 2024)
Table 4. Daily Salary Change (April 2024)
Table 5. Daily Consumer Price Index Change (April 2024) (Please read it in Google drive Document)
Table 6. Reference Table for Weightage of Each Item (April 2024)

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