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The Census and Statistics Department (C&SD) released today (July 22) the Consumer Price Index (CPI) figures for June 2013. According to the Composite CPI, overall consumer prices rose by 4.1% in June 2013 over the same month a year earlier, slightly larger than the corresponding increase (3.9%) in May 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 June 2013 was 4.0%, also slightly larger than that in May (3.8%), mainly due to the enlarged increases in the prices of fresh vegetables as well as private housing rentals.
On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the 3-month period from April to June 2013 was 0.3%, the same as that for the 3-month period from March to May 2013. 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 April to June 2013 was 0.3%, the same as that for the 3-month period from March to May 2013.
Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 4.6%, 3.9% and 3.7% respectively in June 2013, which compared to 4.4%, 3.7% and 3.6% 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 4.5%, 3.8% and 3.6% respectively in June 2013, which compared to 4.3%, 3.6% and 3.4% respectively in May.
On a seasonally adjusted basis, for the 3-month period from April to June 2013, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were 0.4%, 0.3% and 0.3% respectively. The corresponding rates of increase for the 3-month period from March to May 2013 were all 0.3%. 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 April to June 2013 were 0.4%, 0.3% and 0.2% respectively, and the corresponding rates of increase for the 3-month period from March to May 2013 were 0.3%, 0.2% and 0.2% respectively.
Amongst the various CPI components, year-on-year increases in prices were recorded in June 2013 for electricity, gas and water (6.7% in the Composite CPI and 6.8% in the CPI(A)); housing (6.3% in the Composite CPI and 7.1% in the CPI(A)); food (excluding meals bought away from home) (4.3% in the Composite CPI and 4.7% in the CPI(A)); meals bought away from home (4.2% in the Composite CPI and 4.3% in the CPI(A)); miscellaneous services (3.5% in the Composite CPI and 3.0% in the CPI(A)); miscellaneous goods (2.4% in the Composite CPI and 3.5% in the CPI(A)); alcoholic drinks and tobacco (2.0% in the Composite CPI and 1.7% in the CPI(A)); transport (2.0% in the Composite CPI and 1.1% in the CPI(A)) and clothing and footwear (1.1% in the Composite CPI and 1.6% in the CPI(A)).
On the other hand, year-on-year decrease in prices were recorded in June 2013 for durable goods (-5.0% in the Composite CPI and -5.1% in the CPI(A)).
For the first half of 2013 as a whole, the Composite CPI rose by 3.9% over a year earlier. The corresponding increases in the CPI(A), CPI(B) and CPI(C) were 4.4%, 3.6% and 3.5%. 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%, 4.4%, 3.6% and 3.5% respectively in the first half of 2013 as a whole over a year earlier.
In the second quarter of 2013, the Composite CPI rose by 4.0% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 4.6%, 3.8% and 3.6% respectively. The corresponding increases after netting out the effects of all Government's one-off relief measures were 3.9%, 4.5%, 3.7% and 3.4% respectively.
For the 12 months ended June 2013, the Composite CPI was on average 3.7% higher than in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 3.8%, 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 went up slightly in June on a year-on-year comparison, due mainly to the faster increases in fresh vegetable prices and private housing rentals.
The spokesman commented further that, looking ahead, inflation is still subject to modest upside risks in the coming months as the lagged effects of the rise in private housing rentals during 2012 will continue to feed through. Nonetheless, the subdued imported inflation and the milder increases in fresh-letting residential rentals in recent months 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 June 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 June 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/Monday, July 22, 2013
Issued at HKT 16:30
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