***************************************
The Census and Statistics Department (C&SD) released today (February 23) the Consumer Price Index (CPI) figures for January 2010. According to the Composite CPI, overall consumer prices rose by 1.0% in January 2010 over the same month a year earlier, smaller than that in December 2009 (1.3%). Netting out the effects of all Government's one-off relief measures, the year-on-year rate of change in the Composite CPI (i.e. the underlying rate of change) in January 2010 was virtually nil, smaller than that in December 2009 (0.3%). The smaller year-on-year rate of change in January this year was mainly affected by the higher prices in January last year around the Lunar New Year which led to a higher base of comparison.
On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period from November 2009 to January 2010 was 0.3%, which compared to 0.8% for the 3-month period from October to December 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 November 2009 to January 2010 was 0.2%, same as that for the 3-month period ended December 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%, 0.9% and 0.5% respectively in January 2010, which compared to 1.7%, 1.2% and 0.9% respectively in December 2009. 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 +0.2%, -0.1% and -0.2% respectively in January 2010, which compared to +0.4%, +0.3% and +0.2% respectively in December 2009.
On a seasonally adjusted basis, for the 3-month period from November 2009 to January 2010, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were 0.4%, 0.3% and 0.2% respectively. The corresponding rates of change for the 3-month period from October to December 2009 were 1.7%, 0.5% and 0.2%. 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 November 2009 to January 2010 were 0.2%, 0.2% and 0.1% respectively, and for the 3-month period from October to December 2009 were all 0.2%.
Amongst the various CPI components, year-on-year increases in prices were recorded in January 2010 for electricity, gas and water (56.8% in the Composite CPI and 65.8% in the CPI(A), mainly because some households had used up the full amount of Government's one-off electricity charge subsidy); alcoholic drinks and tobacco (22.9% in the Composite CPI and 25.9% in the CPI(A)); clothing and footwear (2.9% in the Composite CPI and 2.6% in the CPI(A)); miscellaneous goods (1.9% in the Composite CPI and 2.1% in the CPI(A)); meals bought away from home (0.3% in the Composite CPI and 0.5% in the CPI(A)) and transport (0.3% in the Composite CPI and 0.1% in the CPI(A)).
On the other hand, year-on-year decline in prices were recorded in January 2010 for durable goods (-2.0% in the Composite CPI and -2.8% in the CPI(A)), miscellaneous services (-1.9% in the Composite CPI and -1.2% in the CPI(A)) and food (excluding meals bought away from home) (-1.6% in the Composite CPI and -2.1% in the CPI(A)).
As for housing, the Composite CPI remained unchanged over a year earlier but the CPI(A) rose by 0.1%.
For the 3 months ended January 2010, the Composite CPI rose by 0.9% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 1.5%, 0.8% and 0.5% respectively. The corresponding rates of change after netting out the effects of all Government's one-off relief measures were virtually nil, 0.2%, virtually nil and -0.1%.
For the 12 months ended January 2010, the Composite CPI was on average 0.4% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were all 0.3%. The corresponding increases after netting out the effects of all Government's one-off relief measures were 0.6%, 0.6%, 0.6% and 0.5% respectively.
Commentary
A Government spokesman says that inflationary pressures remained rather modest on entering 2010. Yet with the economic recovery gathering pace, inflationary pressures are likely to become slightly more visible going forward. Nevertheless, as resources in the economy are still underutilised in the early stage of recovery, upward pressures on prices and costs should remain contained in the near term.
Further information
The CPIs and year-on-year rates of change at section level for January 2010 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 January 2010 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$63 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/Tuesday, February 23, 2010
Issued at HKT 16:30
NNNN
