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The Census and Statistics Department (C&SD) released today (June 22) the Consumer Price Index (CPI) figures for May 2010. According to the Composite CPI, overall consumer prices rose by 2.5% in May 2010 over the same month a year earlier, slightly larger than the corresponding 2.4% increase in April 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 May 2010 was 1.4%, also slightly larger than that in April (1.3%), mainly due to the enlarged increases in private housing rentals and costs for meals bought away from home.
On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the three-month period from March to May 2010 was 0.1%, which compared to 0.3% for the three-month period from February to April 2010. 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 three-month period from March to May 2010 was 0.1%, and that for the three-month period from February to April 2010 was 0.2%.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 3.0%, 2.4% and 2.2% respectively in May 2010, which compared to 2.9%, 2.3% and 2.0% respectively in April. 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 1.3%, 1.4% and 1.6% respectively in May 2010, which compared to 1.2%, 1.3% and 1.5% respectively in April.
On a seasonally adjusted basis, for the three-month period from March to May 2010, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were virtually nil, 0.1% and 0.2% respectively. The corresponding rates of change for the three-month period from February to April 2010 were 0.3%, 0.2% and 0.3%. Netting out the effects of all Government's one-off relief measures, the corresponding average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the three-month period from March to May 2010 were virtually nil, 0.1% and 0.2% respectively, and the corresponding rates of change for the three-month period from February to April 2010 were 0.2%, 0.2% and 0.3% respectively.
Amongst the various CPI components, year-on-year increases in prices were recorded in May 2010 for electricity, gas and water (64.3% in the Composite CPI and 75.2% 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) (2.8% in the Composite CPI and 2.7% in the CPI(A)); miscellaneous goods (2.6% in the Composite CPI and 2.5% in the CPI(A)); miscellaneous services (2.0% in the Composite CPI and 0.9% in the CPI(A)); transport (1.8% in the Composite CPI and 0.8% in the CPI(A)); meals bought away from home (1.5% in the Composite CPI and 1.4% in the CPI(A)); clothing and footwear (1.2% in the Composite CPI and 0.5% in the CPI(A)); alcoholic drinks and tobacco (1.0% in the Composite CPI and 0.7% in the CPI(A)) and housing (0.2% in the Composite CPI and 0.3% in the CPI(A)).
On the other hand, year-on-year decline in price was recorded in May 2010 for durable goods (-1.9% in the Composite CPI and -2.5% in the CPI(A)).
Taking the first five months of 2010 together, the Composite CPI rose by 2.1% over a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 2.7%, 2.1% and 1.7%. Netting out the effects of all Government's one-off relief measures, the Composite CPI, CPI(A), CPI(B) and CPI(C) rose by 1.0%, 1.1%, 1.0% and 1.0% respectively in the first five months of 2010 over a year earlier.
For the three months ended May 2010, the Composite CPI rose by 2.3% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 2.7%, 2.2% and 1.9% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.2%, 1.1%, 1.2% and 1.3% respectively.
For the 12 months ended May 2010, the Composite CPI was on average 0.9% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.3%, 0.9% and 0.6%. 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 the underlying consumer price inflation rate remained moderate in May on a year-on-year basis. The strengthening of the Hong Kong dollar alongside the US dollar, as well as the retreat in global food and fuel prices, provided some buffer for containing the overall local price pressure.
The spokesman adds that looking ahead, inflation rate on a year-on-year basis may go up somewhat further in the coming months with a relatively lower base of comparison in the same period last year. Nevertheless, with the debt crisis in Europe weighing on the global economy, inflationary pressure from external sources should continue to render a useful cushion going forward.
Further information
The CPIs and year-on-year rates of change at section level for May 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 three 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 May 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/Tuesday, June 22, 2010
Issued at HKT 16:31
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