Consumer Price Indices for March 2001

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Contents of press release

According to the Consumer Price Index (CPI) figures released by the Census and Statistics Department today (April 23), overall consumer prices, as indicated by the Composite CPI, declined by 1.3% in March 2001 over a year earlier, smaller than the 2.1% year-on-year decrease in February 2001.

Smaller declines were likewise observed in all the three sub-indices. The CPI(A), CPI(B) and CPI(C) fell by 1.4%, 1.4% and 1.1% respectively in March 2001 over a year earlier, as compared to decreases of 1.9%, 2.2% and 2.0% in February 2001.

The smaller year-on-year decreases in the CPIs in March 2001 than in February 2001 were mainly attributable to a smaller decline in the prices of outerclothing and, to a lesser extent, a rise in the charges for package tours during the Census holidays. Also contributed was a further narrowing in the decline of private housing rentals.

For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. For the 3-month period ended March 2001, the average monthly rates of change in the seasonally adjusted Composite CPI, CPI(A), CPI(B) and CPI(C) were -0.3%, -0.3%, -0.3% and -0.2% respectively. These were smaller than the corresponding figures during the 3-month period ended February 2001, all at -0.4%.

Amongst the various components, fuel and light registered the largest year-on-year decrease in March 2001 (-13.3% in the Composite CPI and -17.4% in the CPI(A)), followed by housing (-3.3% in the Composite CPI and -2.7% in the CPI(A)), food (excluding meals bought away from home) (-2.8% in the Composite CPI and -3.1% in the CPI(A)), durable goods (-1.7% in the Composite CPI and -1.4% in the CPI(A)), clothing and footwear (-0.5% in the Composite CPI and -1.1% in the CPI(A)), and meals bought away from home (-0.2% in the Composite CPI and -0.5% the CPI(A)).

On the other hand, year-on-year increases were recorded for alcoholic drinks and tobacco (2.7% in the Composite CPI and 2.9% in the CPI(A)), miscellaneous goods (2.4% in the Composite CPI and 3.8% in the CPI(A)), miscellaneous services (1.6% in the Composite CPI and 2.8% in the CPI(A)), and transport (1.0% in both Composite CPI and CPI(A)).

In the first quarter of 2001, the Composite CPI fell by 1.5% over a year earlier. The corresponding decreases in the CPI(A), CPI(B) and CPI(C) were 1.4%, 1.7% and 1.5%.

For the 12 months ended March 2001, the Composite CPI was on average 2.8% lower than in the preceding 12-month period. The corresponding declines in the CPI(A), CPI(B) and CPI(C) were 2.1%, 2.9% and 3.4%.

Commentary

A Government Secretariat spokesman noted that the decline in consumer prices had been narrowing. Taking the first three months of 2001 as a whole, the Composite CPI fell by 1.5% over a year earlier. This was the smallest decrease recorded over the past two years.

Further information

Further details are shown in Tables 1 and 2. The rates of change in the original and the seasonally adjusted Composite CPI are presented graphically in Chart 1.

The March 2001 issue of the "Monthly Report on the Consumer Price Index" is now on sale at $38 a copy. This publication can be purchased at the Government Publications Centre, Ground Floor, Low Block, Queensway Government Offices, 66 Queensway, Hong Kong. It is also available for sale at the Publications Unit of the Census and Statistics Department, 19th Floor, Wanchai Tower, 12 Harbour Road, Wan Chai, Hong Kong. Regular subscription can also be arranged with the Publications Sales Section of the Information Services Department (Tel.: 2842 8844 or 2842 8845). Moreover, Internet users may order the publication through the website of the Information Services Department. (Address : http://www.info.gov.hk/isd/book_e.htm)

For enquiries about the Consumer Price Indices, please contact the Consumer Price Index Section of the Census and Statistics Department at telephone no. 2805 6403.

End/Monday, April 23, 2001

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