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The Census and Statistics Department (C&SD) released today (June 20) the Consumer Price Index (CPI) figures for May 2013. According to the Composite CPI, overall consumer prices rose by 3.9% in May 2013 over the same month a year earlier, slightly smaller than the corresponding increase (4.0%) in April 2013. 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 2013 was 3.8%, also slightly smaller than that in April (3.9%), mainly due to the smaller increases in the prices of fresh vegetables.
On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period from March to May 2013 was 0.3%, and that for the 3-month period from February to April 2013 was 0.5%. 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 March to May 2013 was 0.3%, and that for the 3-month period from February to April 2013 was 0.5%.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 4.4%, 3.7% and 3.6% respectively in May 2013, which compared to 4.7%, 3.8% and 3.5% 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 4.3%, 3.6% and 3.4% respectively in May 2013, which compared to 4.6%, 3.7% and 3.4% respectively in April.
On a seasonally adjusted basis, for the 3-month period from March to May 2013, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were all 0.3%. The corresponding rates of increase for the 3-month period from February to April 2013 were all 0.5%. 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 March to May 2013 were 0.3%, 0.2% and 0.2% respectively, and the corresponding rates of increase for the 3-month period from February to April 2013 were 0.5%, 0.4% and 0.4% respectively.
Amongst the various CPI components, year-on-year increases in prices were recorded in May 2013 for housing (6.1% in the Composite CPI and 6.9% in the CPI(A)); electricity, gas and water (5.9% in the Composite CPI and 6.0% in the CPI(A)); meals bought away from home (4.3% in the Composite CPI and 4.5% in the CPI(A)); food (excluding meals bought away from home) (3.6% in the Composite CPI and 3.7% in the CPI(A)); miscellaneous services (3.1% in the Composite CPI and 2.5% in the CPI(A)); miscellaneous goods (2.5% in the Composite CPI and 3.7% in the CPI(A)); transport (2.3% in the Composite CPI and 1.7% in the CPI(A)); alcoholic drinks and tobacco (1.6% in the Composite CPI and 1.4% in the CPI(A)) and clothing and footwear (0.7% in the Composite CPI and 0.6% in the CPI(A)).
On the other hand, year-on-year decrease in prices were recorded in May 2013 for durable goods (-4.8% in the Composite CPI and -4.7% in the CPI(A)).
Taking the first five months of 2013 together, the Composite CPI rose by 3.8% over a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 4.3%, 3.6% and 3.4%. Netting out the effects of all Government's one-off relief measures, the Composite CPI, CPI(A), CPI(B) and CPI(C) rose by 3.8%, 4.3%, 3.6% and 3.5% respectively in the first five months of 2013 over a year earlier.
For the 3 months ended May 2013, the Composite CPI rose by 3.9% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 4.4%, 3.7% and 3.5% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 3.8%, 4.3%, 3.6% and 3.5% respectively.
For the 12 months ended May 2013, the Composite CPI was on average 3.6% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 3.6%, 3.7% and 3.4%. The corresponding increases after netting out the effects of all Government's one-off relief measures were 3.9%, 4.3%, 3.8% and 3.5% respectively.
Commentary
A Government spokesman said that underlying consumer price inflation eased modestly in May on a year-on-year comparison, thanks mainly to the slower pace of increase in prices of fresh vegetables.
The spokesman commented further that, looking ahead, inflation is expected to face some mild upside risks in the coming months as the lagged effects of the rise in private housing rentals during 2012 continue to feed through. Nonetheless, the subdued imported inflation and the recent milder increase in housing rentals in the market for fresh lettings should help contain inflation in the latter part of this year. The Government will monitor the inflation situation closely, particularly its impact on the lower-income people.
Further information
The CPIs and year-on-year rates of change at section level for May 2013 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 May 2013 issue of the Monthly Report on the Consumer Price Index free of charge at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp270.jsp?productCode=B1060001).
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, June 20, 2013
Issued at HKT 16:30
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