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The Census and Statistics Department (C&SD) released today (July 22) the Consumer Price Index (CPI) figures for June 2010. According to the Composite CPI, overall consumer prices rose by 2.8% in June 2010 over the same month a year earlier, larger than the corresponding 2.5% increase in May 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 June 2010 was 1.7%, larger than that in May (1.4%), mainly due to enlarged increases in private housing rentals, the costs for meals bought away from home and the charges for package tours.
On a seasonally adjusted basis, the average monthly rate of change in the Composite CPI for the 3-month period from April to June 2010 was 0.1%, the same as that for the 3-month period from March to May 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 April to June 2010 was 0.1%, the same as that for the 3-month period from March to May 2010.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 3.2%, 2.7% and 2.4% respectively in June 2010, which compared to 3.0%, 2.4% and 2.2% respectively in May. 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 1.6%, 1.7% and 1.9% respectively in June 2010, which compared to 1.3%, 1.4% and 1.6% respectively in May.
On a seasonally adjusted basis, for the 3-month period from April to June 2010, the average monthly rates of change in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were 0.1%, 0.1% and 0.2% respectively. The corresponding rates of change for the 3-month period from March to May 2010 were virtually nil, 0.1% and 0.2%. 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 3-month period from April to June 2010 were 0.1%, 0.1% and 0.2% respectively, and the corresponding rates of change for the 3-month period from March to May 2010 were virtually nil, 0.1% and 0.2% respectively.
Amongst the various CPI components, year-on-year increases in prices were recorded in June 2010 for electricity, gas and water (63.4% in the Composite CPI and 74.2% 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) (3.0% in the Composite CPI and 2.8% in the CPI(A)); clothing and footwear (2.7% in the Composite CPI and 1.8% in the CPI(A)); miscellaneous goods (2.3% in the Composite CPI and 2.2% in the CPI(A)); miscellaneous services (2.3% in the Composite CPI and 1.1% in the CPI(A)); meals bought away from home (1.7% in the Composite CPI and 1.6% in the CPI(A)); transport (1.6% in the Composite CPI and 1.1% in the CPI(A)); alcoholic drinks and tobacco (0.9% in the Composite CPI and 0.7% in the CPI(A)) and housing (0.6% in the Composite CPI and 0.8% in the CPI(A)).
On the other hand, year-on-year decline in price was recorded in June 2010 for durable goods (-1.3% in the Composite CPI and -2.3% in the CPI(A)).
For the first half of 2010 as a whole, the Composite CPI rose by 2.2% over a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 2.8%, 2.2% and 1.8%. Netting out the effects of all Government's one-off relief measures, the Composite CPI, CPI(A), CPI(B) and CPI(C) rose by 1.2%, 1.2%, 1.1% and 1.2% respectively in the first half of 2010 as a whole over a year earlier.
In the second quarter of 2010, the Composite CPI rose by 2.6% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 3.0%, 2.5% and 2.2% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 1.5%, 1.4%, 1.5% and 1.7% respectively.
For the 12 months ended June 2010, the Composite CPI was on average 1.2% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 1.7%, 1.2% and 0.8%. The corresponding increases after netting out the effects of all Government's one-off relief measures were all 0.5%.
Commentary
A Government spokesman says that inflationary pressure went up slightly further in June. Underlying consumer price inflation, at 1.7% year on year, was still relatively moderate, particularly when viewed against the on-going broadly-based economic recovery and the lower base of comparison in the same period last year.
The spokesman adds that looking ahead, consumer prices should still be subject to moderate upward pressure, against the background of the further expansion of economic activity, the gradual pass-through from the rise in private housing rentals, and the recent weakening of US dollar. Nevertheless, the sustained productivity growth in the economy should provide some offset.
Further information
The CPIs and year-on-year rates of change at section level for June 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 June 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, July 22, 2010
Issued at HKT 16:30
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