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Consumer Price Indices for January 2011
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     The Census and Statistics Department (C&SD) released today (February 22) the Consumer Price Index (CPI) figures for January 2011.  According to the Composite CPI, overall consumer prices rose by 3.6% in January 2011 over the same month a year earlier, larger than the corresponding increase (3.1%) in December 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 January 2011 was 3.5%, larger than that in December 2010 (2.8%), mainly due to the enlarged increases in the prices of food, private housing rentals as well as the charges for package tours.  

     On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period from November 2010 to January 2011 was 0.5%, which compared to 1.0% for the 3-month period from October to December 2010.  Netting out the effects of all Government's one-off relief measures, the average monthly rate of increase in the Composite CPI for the 3-month period from November 2010 to January 2011 was 0.5%, and that for the 3-month period from October to December 2010 was 0.4%.

     Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 3.9%, 3.6% and 3.4% respectively in January 2011, which compared to 3.5%, 3.0% and 2.7% respectively in December 2010.  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 3.8%, 3.5% and 3.4% respectively in January 2011, which compared to 3.0%, 2.7% and 2.7% respectively in December 2010.  

     On a seasonally adjusted basis, for the 3-month period from November 2010 to January 2011, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were all 0.5%.  The corresponding rates of increase for the 3-month period from October to December 2010 were 1.8%, 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 November 2010 to January 2011 were all 0.5%, and for the 3-month period from October to December 2010 were all 0.4%.  

     Amongst the various CPI components, year-on-year increases in prices were recorded in January 2011 for food (excluding meals bought away from home) (8.2% in the Composite CPI and 8.5% in the CPI(A)); electricity, gas and water (7.0% in the Composite CPI and 6.7% in the CPI(A)); clothing and footwear (5.0% in the Composite CPI and 3.3% in the CPI(A)); miscellaneous goods (3.6% in the Composite CPI and 3.2% in the CPI(A)); meals bought away from home (3.3% in both the Composite CPI and CPI(A)); transport (3.2% in the Composite CPI and 1.8% in the CPI(A)); housing (3.0% in the Composite CPI and 3.4% in the CPI(A)); miscellaneous services (2.7% in the Composite CPI and 2.1% in the CPI(A)) and alcoholic drinks and tobacco (0.7% in the Composite CPI and 0.5% in the CPI(A)).  

     On the other hand, year-on-year declines in prices were recorded in January 2011 for durable goods (-2.5% in the Composite CPI and -1.9% in the CPI(A)).  

     For the 3 months ended January 2011, the Composite CPI rose by 3.2% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 3.6%, 3.1% and 2.9% respectively.  The corresponding increases after netting out the effects of all Government's one-off relief measures were 3.0%, 3.2%, 2.9% and 2.9% respectively.  

     For the 12 months ended January 2011, the Composite CPI was on average 2.6% higher than in the preceding 12-month period.  The respective increases in the CPI(A), CPI(B) and CPI(C) were 2.9%, 2.7% and 2.3%.  The corresponding increases after netting out the effects of all Government's one-off relief measures were 2.0%, 2.1%, 2.0% and 2.0% respectively.  

Commentary

     A Government spokesman says that the underlying consumer price inflation went up further in January 2011, mainly reflecting higher food prices and the continued feed-through of the earlier fast increases in private housing rentals.  The spokesman also notes that some of the faster price increases in the latter part of January was also related to the timing of the Lunar New Year, which fell in early February this year but in mid February last year.

     The spokesman comments further that the economy will continue to face higher price pressures in the coming months, due to sustained rises in global food and commodity prices, higher inflation in the import sources, and also the strong local economic conditions.  Indeed, the whole Asian region is currently subject to a greater inflation risk.  The Government will monitor closely the situation, especially the impact of inflation on the lower-income people.

Further information

     The CPIs and year-on-year rates of change at section level for January 2011 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.  C&SD has recently conducted a review on the printing of statistical publications and has decided that the print version of Monthly Report on the Consumer Price Index will no longer be produced starting from this edition.  Nevertheless, the publication is still available for downloading free of charge from the website of the Census and Statistics Department (www.censtatd.gov.hk/products_and_services/products/publications/statistical_report/prices_household_expenditure/index_cd_B1060001_dt_detail.jsp).

     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 22, 2011
Issued at HKT 16:30

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