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The Census and Statistics Department (C&SD) released today (January 21) the Consumer Price Index (CPI) figures for December 2009. According to the Composite CPI, overall consumer prices rose by 1.3% in December 2009 over the same month a year earlier, which compared to 0.5% in November 2009. Netting out the effects of all Government's one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in December 2009 was 0.3%, larger than that in November (-0.3%), mainly due to the increases in the prices of food (excluding meals bought away from home) and charges for package tours, and enlarged year-on-year increase in the prices of motor fuel.
On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period from October to December 2009 was 0.8%, which compared to 1.0% for the 3-month period from September to November 2009. Netting out the effects of all Government's one-off relief measures, the average monthly rate of change in the underlying Composite CPI for the 3-month period from October to December 2009 was 0.2%, same as that for the 3-month period ended November 2009.
Analysed by sub-index, the year-on-year rates of increase in the headline CPI(A), CPI(B) and CPI(C) were 1.7%, 1.2% and 0.9% respectively in December 2009, which compared to 1.0%, 0.5% and 0.1% respectively in November. Netting out the effects of all Government's one-off relief measures, the year-on-year rates of change in the CPI(A), CPI(B) and CPI(C) were 0.4%, 0.3% and 0.2% respectively in December 2009, the corresponding rates of change were -0.1%, -0.3% and -0.5% respectively in November.
On a seasonally adjusted basis, for the 3-month period from October to December 2009, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were 1.7%, 0.5% and 0.2% respectively. The corresponding rates of change for the 3-month period from September to November 2009 were 2.0%, 0.7% and 0.4%. Netting out the effects of all Government's one-off relief measures, the corresponding average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the 3-month period from October to December 2009 were all 0.2%, and for the 3-month period from September to November 2009 were 0.1%, 0.2% and 0.2% respectively.
Amongst the various CPI components, year-on-year increases in prices were recorded in December 2009 for electricity, gas and water (38.7% in the Composite CPI and 41.3% in the CPI(A)); alcoholic drinks and tobacco (21.9% in the Composite CPI and 25.3% in the CPI(A)); clothing and footwear (3.9% in the Composite CPI and 3.8% in the CPI(A)); miscellaneous goods (2.4% in the Composite CPI and 2.6% in the CPI(A)); meals bought away from home (0.5% in the Composite CPI and 0.8% in the CPI(A)) and transport (0.1% in the Composite CPI and 0.3% in the CPI(A)).
On the other hand, year-on-year decline in prices were recorded in December 2009 for durable goods (-2.4% in the Composite CPI and -3.3% in the CPI(A)), food (excluding meals bought away from home) (-0.1% in the Composite CPI and -0.3% in the CPI(A)) and housing (-0.1% in both the Composite CPI and CPI(A)).
As for miscellaneous services, the Composite CPI rose by 0.1% over a year earlier but the CPI(A) remained unchanged.
In the fourth quarter of 2009, the Composite CPI rose by 1.3% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 2.6%, 1.0% and 0.4% respectively. The corresponding rates of change after netting out the effects of all Government's one-off relief measures were -0.1%, 0.1%, -0.1% and -0.2%.
For 2009 as a whole, the Composite CPI was on average 0.5% higher than in 2008. The respective increases in the CPI(A), CPI(B) and CPI(C) were 0.4%, 0.5% and 0.6%. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.0%, 1.0%, 1.0% and 0.9% respectively.
Commentary
A government spokesman says that underlying consumer price inflation turned slightly positive on a year-on-year comparison in December after staying slightly negative for five consecutive months. This indicates that deflationary pressures have by and large receded as the economy continues to recover.
The spokesman adds that inflationary pressures should remain rather modest in the coming months. As the economic recovery, both locally and globally, is still at its early stage, the prevailing excess capacity on the supply side should help to contain the upward pressures on costs and prices.
Further information
The CPIs and year-on-year rates of change at section level for December 2009 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after removing the effects of one-off measures are shown in Table 2. For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. The corresponding time series on the average monthly rates of change during the latest 3 months for the seasonally adjusted CPIs are shown in Table 3. The rates of change in the original and the seasonally adjusted Composite CPI are presented graphically in Chart 1.
More detailed CPI data (including year-on-year comparison, month-to-month comparison and seasonally adjusted data series) are available in the monthly reports. Users can download the December 2009 issue of the Monthly Report on the Consumer Price Index free of charge at the website of the C&SD (www.censtatd.gov.hk/products_and_services/products/publications/statistical_report/prices_household_expenditure/index.jsp). Print version of this publication is available for sale at HK$52 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 Government Bookstore of the Information Services Department (www.bookstore.gov.hk).
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, January 21, 2010
Issued at HKT 16:30
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