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The Census and Statistics Department (C&SD) released today (November 21) the Consumer Price Index (CPI) figures for October 2006. According to the new 2004/05-based series of Composite CPI, overall consumer prices rose by 2.0% in October 2006 over a year earlier, slightly smaller than the 2.1% increase in September.
The slightly smaller year-on-year increase in the Composite CPI in October 2006 than in September was mainly attributable to the enlarged decrease in the fuel cost variation charge for towngas. Another factor was that the increase in the prices of fresh vegetables had reduced.
Analysed by sub-index and on a year-on-year comparison, the CPI(A), CPI(B), and CPI(C) rose by 1.7%, 2.1% and 2.1% respectively in October 2006, also smaller than the corresponding increases of 1.9%, 2.2% and 2.3% in September.
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 October 2006, the average monthly rates of increase in the seasonally adjusted Composite CPI, CPI(A), CPI(B) and CPI(C) were all 0.1%, same as those for the 3-month period ended September 2006.
Amongst the various CPI components, year-on-year increases in prices were recorded in October 2006 for housing (4.7% in the Composite CPI and 3.9% in the CPI(A)), clothing and footwear (3.1% in the Composite CPI and 5.2% in the CPI(A)), food (excluding meals bought away from home) (2.8% in the Composite CPI and 3.0% in the CPI(A)), miscellaneous goods (2.1% in the Composite CPI and 1.8% in the CPI(A)), miscellaneous services (2.1% in the Composite CPI and 1.2% in the CPI(A)) and meals bought away from home (1.5% in the Composite CPI and 1.1% in the CPI(A)).
On the other hand, year-on-year declines in prices were recorded in October 2006 for durable goods (-6.6% in the Composite CPI and -7.3% in the CPI(A)), alcoholic drinks and tobacco (-4.0% in the Composite CPI and -4.6% in the CPI(A)) and electricity, gas and water (-2.5% in the Composite CPI and -2.8% in the CPI(A)).
As to transport, the costs fell by 0.1% in the Composite CPI but remained unchanged in the CPI(A).
Taking the first ten months of 2006 together, the Composite CPI rose by 2.0% over a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 1.7%, 2.1% and 2.2%.
For the 3 months ended October 2006, the Composite CPI rose by 2.2% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 2.0%, 2.3% and 2.3% respectively.
For the 12 months ended October 2006, the Composite CPI was on average 1.9% higher than in the preceding 12 month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.6%, 1.9% and 2.0%.
A Government spokesman pointed out that consumer price inflation edged down for the second consecutive month in October, due mostly to the substantial decrease in towngas charges upon the introduction of natural gas, and also the ease-back in oil prices. Meanwhile, the pass-through from the earlier increase in fresh letting rentals seems to have passed its peak.
The spokesman added further that consumer price inflation is likely to stay at a moderate level through to the end of the year. While the recent weakening of the Hong Kong dollar along with the US dollar might give rise to some modest pick-up in imported inflation, the substantial fall-off in oil prices lately coupled with the sustained increase in productivity in Hong Kong should keep overall price pressures in check.
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.
Users can download the October 2006 issue of the Monthly Report on the Consumer Price Index free of charge at the "Statistical Bookstore, Hong Kong" (www.statisticalbookstore.gov.hk) of the C&SD. Print version of this publication is available for sale at HK$41 per issue. Purchase can be done in person at the Publications Unit of the C&SD (Address : 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel. : 2582 3025) or through mail order by returning a completed order form which can be downloaded from the C&SD's website (www.censtatd.gov.hk/products_and_services/other_services/provision_of_stat/mail_ordering_of_publications/index.jsp). Print version of this publication is also available for sale online at the Statistical Bookstore and the Government Bookstore of the Information Services Department (www.isd.gov.hk/eng/bookorder.htm). Print versions if purchased online are offered a discount, at 85% of their original prices.
For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD at telephone no. 2805 6403 or email address cpi@censtatd.gov.hk.
Ends/Tuesday, November 21, 2006
Issued at HKT 16:15
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