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The Census and Statistics Department (C&SD) released today (May 20) the Consumer Price Index (CPI) figures for April 2010. According to the Composite CPI, overall consumer prices rose by 2.4% in April 2010 over the same month a year earlier, larger than the corresponding 2.0% increase in March 2010. 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 April 2010 was 1.3%, larger than that in March (0.8%), mainly due to the enlarged year-on-year increases in the prices of clothing and footwear, fresh vegetables and private housing rent.
On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period from February to April 2010 was 0.3%, the same as that for the 3-month period end March 2010. Netting out the effects of all Government's one-off relief measures, the average monthly rate of change in the Composite CPI for the 3-month period from February to April 2010 was 0.2%, the same as that for the 3-month period end March 2010.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 2.9%, 2.3% and 2.0% respectively in April 2010, which compared to 2.5%, 1.9% and 1.5% respectively in March. Netting out the effects of all Government's one-off relief measures, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 1.2%, 1.3% and 1.5% respectively in April 2010, which were all 0.8% in March.
On a seasonally adjusted basis, for the 3-month period from February to April 2010, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were 0.3%, 0.2% and 0.3% respectively. The corresponding rates of change for the 3-month period from January to March 2010 were 0.4%, 0.3% 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 February to April 2010 were 0.2%, 0.2% and 0.3% respectively, and for the 3-month period from January to March 2010 were all 0.2%.
Amongst the various CPI components, year-on-year increases in prices were recorded in April 2010 for electricity, gas and water (64.4% in the Composite CPI and 75.4% in the CPI(A), mainly because some households had used up the full amount of Government's one-off electricity charge subsidy); food (excluding meals bought away from home) (2.7% in the Composite CPI and 2.6% in the CPI(A)); miscellaneous goods (2.1% in both the Composite CPI and CPI(A)); clothing and footwear (2.0% in the Composite CPI and 1.8% in the CPI(A)); miscellaneous services (1.9% in the Composite CPI and 0.8% in the CPI(A)); transport (1.7% in the Composite CPI and 0.8% in the CPI(A)); meals bought away from home (1.3% in both the Composite CPI and CPI(A)) and alcoholic drinks and tobacco (0.5% in both the Composite CPI and CPI(A)).
On the other hand, year-on-year decline in prices was recorded in April 2010 for durable goods (-1.6% in the Composite CPI and -2.3% in the CPI(A)).
As for housing, the Composite CPI fell by 0.1% over a year earlier but the CPI(A) rose by 0.1%.
Taking the first four months of 2010 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 2.6%, 2.0% and 1.5%. Netting out the effects of all Government's one-off relief measures, the Composite CPI, CPI(A), CPI(B) and CPI(C) rose by 0.9%, 1.0%, 0.9% and 0.9% respectively in the first four months of 2010 over a year earlier.
For the 3 months ended April 2010, the Composite CPI rose by 2.4% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 2.9%, 2.4% and 1.9% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.2%, 1.3%, 1.3% and 1.2% respectively.
For the 12 months ended April 2010, the Composite CPI was on average 0.7% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.0%, 0.7% and 0.5%. The corresponding increases after netting out the effects of all Government's one-off relief measures were 0.4%, 0.4%, 0.4% and 0.3% respectively.
Commentary
A Government spokesman says that inflationary pressures increased modestly further in April, along with a more entrenched economic recovery and the slightly faster increases in import prices in recent months.
The spokesman adds that inflationary pressures may go up somewhat further in the period ahead, if the current economic upswing continues. Yet the sustained productivity growth and recent rapid expansion in business volume should help to alleviate part of the upward pressures on the unit operating costs of local businesses. The Government will continue to closely monitor the situation.
Further information
The CPIs and year-on-year rates of change at section level for April 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 and the underlying inflation rate 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 April 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 the 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, May 20, 2010
Issued at HKT 16:30
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