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Consumer Price Indices for March 2011
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     The Census and Statistics Department (C&SD) released today (April 21) the Consumer Price Index (CPI) figures for March 2011.  According to the Composite CPI, overall consumer prices rose by 4.6% in March 2011 over the same month a year earlier, larger than the corresponding increase (3.7%) in February 2011.  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 March 2011 was 4.4%, also larger than that in February (3.6%), mainly due to the enlarged increases in the prices of food, private housing rentals and the prices of cigarettes.

     On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period from January to March 2011 was 0.7%, the same as that for the 3-month period from December 2010 to February 2011.  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 January to March 2011 was 0.7%, the same as that for the 3-month period from December 2010 to February 2011.

     Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 5.1%, 4.5% and 4.1% respectively in March 2011, which compared to 3.9%, 3.7% and 3.4% respectively in February.  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 4.8%, 4.4% and 4.0% respectively in March 2011, which compared to 3.8%, 3.7% and 3.4% respectively in February.

     On a seasonally adjusted basis, for the 3-month period from January to March 2011, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were 0.9%, 0.7% and 0.6% respectively.  The corresponding rates of increase for the 3-month period from December 2010 to February 2011 were 0.8%, 0.7% and 0.6%.  Netting out the effects of all Government's one-off relief measures, the corresponding average monthly rates of increase in the CPI(A), CPI(B) and CPI(C) for the 3-month period from January to March 2011 were 0.8%, 0.7% and 0.6% respectively, and for the 3-month period from December 2010 to February 2011 were 0.7%, 0.7% and 0.6% respectively.
  
     Amongst the various CPI components, year-on-year increases in prices were recorded in March 2011 for alcoholic drinks and tobacco (21.8% in the Composite CPI and 23.7% in the CPI(A), mainly due to the increase in tobacco duty by 41.5%); food (excluding meals bought away from home) (8.8% in the Composite CPI and 8.9% in the CPI(A)); electricity, gas and water (7.8% in the Composite CPI and 11.0% in the CPI(A)); clothing and footwear (5.2% in the Composite CPI and 4.5% in the CPI(A)); housing (4.5% in the Composite CPI and 4.7% in the CPI(A)); meals bought away from home (4.5% in the Composite CPI and 4.7% in the CPI(A)); miscellaneous goods (4.1% in the Composite CPI and 3.7% in the CPI(A)); transport (3.1% in the Composite CPI and 1.4% in the CPI(A)) and miscellaneous services (2.5% in the Composite CPI and 1.7% in the CPI(A)).
  
     On the other hand, year-on-year decreases in prices were recorded in March 2011 for durable goods (-3.1% in the Composite CPI and -2.1% in the CPI(A)).

     In the first quarter of 2011, the Composite CPI rose by 4.0% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 4.3%, 3.9% and 3.6% respectively.  The corresponding increases after netting out the effects of all Government's one-off relief measures were 3.9%, 4.1%, 3.8% and 3.6% respectively.
  
     For the 12 months ended March 2011, the Composite CPI was on average 2.9% higher than in the preceding 12-month period.  The respective increases in the CPI(A), CPI(B) and CPI(C) were 3.2%, 2.9% and 2.7%.  The corresponding increases after netting out the effects of all Government's one-off relief measures were 2.5%, 2.6%, 2.5% and 2.4% respectively.

Commentary

     A Government spokesman says that consumer price inflation went up further in March.  The continued pass-through of the sustained increase in private residential rentals and rising food prices remained the major driving forces.  The hike in tobacco duty and higher fuel costs also contributed somewhat to the increase in inflation.

     The spokesman comments further that inflation is likely to stay elevated in the coming months, amid the upward price pressure from the external front and robust local economic conditions.  The Government will remain vigilant on the inflation situation, particularly its impact on the lower-income people.

Further information

     The CPIs and year-on-year rates of change at section level for March 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.  Users can download the March 2011 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).

     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, April 21, 2011
Issued at HKT 16:31

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