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The Census and Statistics Department (C&SD) released today (February 22) the Consumer Price Index (CPI) figures for January 2007. According to the Composite CPI, overall consumer prices rose by 2.0% in January 2007 over a year earlier, smaller than the 2.3% increase in December 2006.
The smaller year-on-year increase in the Composite CPI in January 2007 than in December 2006 was mainly attributable to the higher base of comparison in January 2006 caused by the Lunar New Year Festival. Year-on-year declines in charges for package tours and inbound and outbound transport fares were recorded in January this year.
Analysed by sub-index and on a year-on-year comparison, the CPI(A), CPI(B), and CPI(C) rose by 1.8%, 1.9% and 2.3% respectively in January 2007, also smaller than the corresponding increases of 1.9%, 2.3% and 2.7% in December 2006.
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 January 2007, the average monthly rates of increase in the seasonally adjusted Composite CPI, CPI(A), CPI(B) and CPI(C) were 0.3%, 0.2%, 0.3% and 0.3% respectively. The corresponding rates of increase for the 3-month period ended December 2006 were all 0.2%.
Amongst the various CPI components, year-on-year increases in prices were recorded in January 2007 for clothing and footwear (9.5% in the Composite CPI and 8.3% in the CPI(A)), housing (4.8% in the Composite CPI and 4.1% in the CPI(A)), miscellaneous goods (2.8% in the Composite CPI and 3.0% in the CPI(A)), food (excluding meals bought away from home) (2.7% in the Composite CPI and 2.8% 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 January 2007 for durable goods (-6.0% in the Composite CPI and -6.4% in the CPI(A)), alcoholic drinks and tobacco (-3.6% in the Composite CPI and -4.2% in the CPI(A)), electricity, gas and water (-1.2% in the Composite CPI and -1.3% in the CPI(A)) and transport (-0.9% in the Composite CPI and -0.6% in the CPI(A)).
As to miscellaneous services, prices rose by 0.1% in the Composite CPI but fell by 0.1% in the CPI(A).
For the three months ended January 2007, the Composite CPI rose by 2.1% over a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 1.8%, 2.1% and 2.5%.
For the 12 months ended January 2007, the Composite CPI was on average 2.0% higher than in the preceding 12 month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.8%, 2.1% and 2.3%.
Commentary
A Government spokesman pointed out that the slight edging down in inflation in January this year was mainly due to the distortion introduced by the difference in the timing of the Lunar New Year Festival, which fell in January last year but February this year. But the underlying consumer price inflation is still rather moderate in January even after discounting the distortion introduced by the Lunar New Year. While the rise in housing cost has stabilised, the change in prices of many other items except clothing and footwear was generally steady.
The spokesman believed that the sustained rise in labour productivity and the more moderate rise in shop rentals in recent quarters should render a cushion against the expected pick-up in imported inflation stemming from a weak US dollar and renminbi appreciation.
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.
Users can download the January 2007 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$49 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/Thursday, February 22, 2007
Issued at HKT 16:15
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