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Chart 1   Movements of the Composite Consumer Price Index

The year-on-year decline in the Composite CPI generally enlarged from 0.9% in July 2001 to 3.7% in September 2002, and then reduced to 1.5% in December 2002, but again enlarged to 4.0% in July 2003.  As for the average monthly rate of change in the seasonally adjusted Composite CPI during the latest 3 months, it changed from -0.8% in December 2001 to 0.3% in March 2002, and then turned to -0.9% in July 2003.