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The Census and Statistics Department released today (Monday) the Consumer Price Index (CPI) figures for February 1999.

Consumer prices, as indicated by the Composite CPI, registered a year-on-year rate of decrease of 1.7% in February 1999, larger than the 1.1% decline recorded in January.

Similar movements were also observed in the three sub-indices. In February 1999, the CPI(A), CPI(B) and Hang Seng CPI fell by 1.5%, 2.3% and 1.1% respectively over a year earlier. They were all larger than the corresponding decreases of 0.9%, 1.6% and 0.5% in January.

Analysed by component, those registering year-on-year rates of decrease in February 1999 included clothing and footwear (-18.5% in the Composite CPI and -16.0% in the CPI(A)); durable goods (-2.5% in the Composite CPI and -2.2% in the CPI(A)); meals bought away from home (-1.4% in the Composite CPI and -1.6% in the CPI(A)); housing (-1.3% in the Composite CPI and -1.5% in the CPI(A)); and food (excluding meals bought away from home) (-0.8% in the Composite CPI and -1.5% in the CPI(A)).

On the other hand, year-on-year rates of increase were recorded for alcoholic drinks and tobacco (4.2% in the Composite CPI and 3.6% in the CPI(A)); transport (1.6% in the Composite CPI and 1.2% in the CPI(A)); miscellaneous goods (1.3% in the Composite CPI and 2.1% in the CPI(A)); miscellaneous services (0.5% in the Composite CPI and 0.8% in the CPI(A)); and fuel and light (0.2% in the Composite CPI and 0.0% in the CPI(A)).

A Government Secretariat spokesman noted that consumer prices remained on an easing trend in February 1999, along with the continuing downward adjustment in costs and prices in the local economy. While the further easing in price pressures was almost across-the-board, the decline was most distinct in the prices of outerclothing, and to a lesser extent, also in the prices of consumer durables, private housing rentals, and charges for meals at restaurants.

The spokesman added that, the year-on-year rate of decline in consumer prices turned larger in February, owing to the prevalence of price discounts in the local retail market. This was notwithstanding a relatively low base of comparison in the same month last year which came after the Lunar New Year holidays in late January 1998.

Compared with January, the Composite CPI for February 1999 decreased by 0.4%. The corresponding decreases in the CPI(B) and Hang Seng CPI were 0.4% and 0.8%. The CPI(A) remained unchanged in February 1999.

Taking the first two months of 1999 together, the Composite CPI decreased by 1.4% compared to the same period in 1998. The corresponding decreases in the CPI(A), CPI(B) and Hang Seng CPI were 1.2%, 2.0% and 0.8%.

For the three months ended February 1999, the Composite CPI fell by 1.5% from the same period a year earlier. The corresponding decreases in the CPI(A), CPI(B) and Hang Seng CPI were 1.2%, 1.9% and 1.1%.

For the 12 months ended February 1999, the Composite CPI was 1.7% higher than that in the preceding 12-month period. The corresponding increases in the CPI(A), CPI(B) and Hang Seng CPI were 1.6%, 1.6% and 2.1%.

The seasonally adjusted average monthly rates of change in the Composite CPI, CPI(A), CPI(B) and Hang Seng CPI during the 3-month period ended February 1999 were -0.2%, +0.1%, -0.3% and -0.2% respectively.

Further details are shown in Tables 1 and 2. The movement of the Composite CPI and the year-on-year rate of change of the index are presented graphically in Charts 1 and 2 respectively.

Meanwhile, the February 1999 issue of the "Monthly Report on the Consumer Price Index" is now on sale at $22 a copy.

Copies of this publication can be purchased at the Government Publications Centre, Ground Floor, Low Block, Queensway Government Offices, 66 Queensway, Hong Kong.

Copies are also available for sale at the Publications Unit of the Census and Statistics Department, 19th Floor, Wanchai Tower, 12 Harbour Road, Wan Chai, Hong Kong.

Regular subscription can also be arranged with the Publications Sales Section of the Information Services Department (Tel: 2842 8844).

For enquiries about the Consumer Price Indices, please contact the Consumer Price Index Section of the Census and Statistics Department at telephone no 2805 6403.

End/Monday, March 22, 1999

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