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PRICE OF TAIWAN'S 'RED LABEL' RICE WINE SKYROCKETS.
TAIPEI, Jan 1 Asia Pulse - The popular "Red Label" rice wine will carry a new suggested retail price of NT$130 (US$3.71) per 0.6 liter bottle from Tuesday, a six-fold increase from the two-decade-old government-fixed price of NT$21 per bottle.
The long-anticipated price hike had sparked a month-long panic buying spree that lasted right up to the final day that the kitchen staple was sold at the old price at Taiwan Tobacco and Wine Board (TTWB) distribution centers around the island. Throngs of people lined up at the centers Monday to stock up on supplies before the price went up.
In conjunction with Taiwan's World Trade Organization entry on the first day of the new year, the island's decades-old tobacco and wine monopoly system will give way to a free market system and a NT$90 per bottle distilled liquor tax will be levied on the rice wine - making up a large part of the price increase.
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Source: HighBeam Research, PRICE OF TAIWAN'S 'RED LABEL' RICE WINE SKYROCKETS.