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The Census and Statistics Department (C&SD) released today (April 21) the Consumer Price Index (CPI) figures for March 2006. According to the Composite CPI, overall consumer prices rose by 1.8% in March 2006 over a year earlier, larger than the 1.6% increase in February.
2. The larger year-on-year increase in the Composite CPI in March 2006 than in February was mainly attributable to the enlarged increases in private housing rentals and the costs of meals bought away from home. Another reason was that the decline in charges for package tours had reduced.
3. Analysed by sub-index and on a year-on-year comparison, the CPI(A), CPI(B) and CPI(C) rose by 1.5%, 2.0% and 2.0% respectively in March 2006, also larger than the corresponding increases of 1.3%, 1.7% and 1.9% in February.
4. 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 2006, the average monthly rates of increase in the seasonally adjusted Composite CPI, CPI(A), CPI(B) and CPI(C) were all 0.1%. The corresponding rates of increase for the 3-month period ended February 2006 were 0.2%, 0.1%, 0.2% and 0.2% respectively.
5. Amongst the various CPI components, year-on-year increases in prices were recorded in March 2006 for miscellaneous goods (5.8% in the Composite CPI and 2.6% in the CPI(A)), electricity, gas and water (5.2% in the Composite CPI and 5.1% in the CPI(A)), housing (4.3% in the Composite CPI and 3.6% in the CPI(A)), transport (1.3% in the Composite CPI and 1.2% in the CPI(A)) and meals bought away from home (1.0% in the Composite CPI and 1.3% in the CPI(A)).
6. On the other hand, year-on-year declines in prices were recorded in March 2006 for durable goods (-1.6% in the Composite CPI and -1.8% in the CPI(A)), clothing and footwear (-1.2% in the Composite CPI and -0.5% in the CPI(A)) and alcoholic drinks and tobacco (-1.1% in the Composite CPI and -1.2% in the CPI(A)).
7. For food (excluding meals bought away from home), prices fell by 0.1% in the Composite CPI over a year earlier but rose by 0.1% in the CPI(A). As for miscellaneous services, prices remained unchanged in the Composite CPI but fell by 0.3% in the CPI(A).
8. For the first quarter of 2006 as a whole, the Composite CPI rose by 2.0% from a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 1.7%, 2.1% and 2.3%.
9. For the 12 months ended March 2006, the Composite CPI was on average 1.5% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.4%, 1.6% and 1.6%.
Commentary
10. A Government Secretariat spokesman pointed out that consumer price inflation remained benign in March and for the first quarter as a whole, notwithstanding the further growth in local demand along with the brisk economy and an improving labour market. Looking ahead, consumer price inflation is likely to continue to edge up at a modest pace in the months ahead, as the economy maintains solid growth momentum and as higher oil prices would feed through to the retail price level. Yet sustained expansion in production capacity brought about by rising productivity and the general strength of the US dollar should help contain the pace of climb-up in inflation.
Further information
11. 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.
12. The March 2006 issue of the Monthly Report on the Consumer Price Index is now on sale at HK$41 per issue. Both print version and download version of the publication can be purchased online at the "Statistical Bookstore, Hong Kong" (http://www.statisticalbookstore.gov.hk). Download version of the publication can be purchased at 75% of its original price exclusively at the online Statistical Bookstore. Print version if purchased online is also offered a discount, at 85% of its original price at the Statistical Bookstore as well as the Government Bookstore (http://www.isd.gov.hk/eng/bookorder.htm). For purchase of print version, this can be done through mail order by returning a completed order form which can be downloaded from the C&SD's website (http://www.censtatd.gov.hk/eng/prod_serv/forms_index.html). Purchase can also be made in person at the Publications Unit of the C&SD (Address : 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel. : 2582 3025).
13. For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD at telephone 2805 6403 or email address cpi@censtatd.gov.hk.
Ends/Friday, April 21, 2006
Issued at HKT 16:15
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